WAEC Economics 2015 Objective — Question 4
Question 4 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.
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The following constitute the criteria for identifying an economic system except
- A. ownership of resources
- B. scarcity of resourcesCorrect
- C. method of decision making
- D. motivation for production
Explanation
Economic systems are classified based on resource ownership, decision-making methods, and motivation for production; scarcity of resources is a universal economic problem, not a criterion for identifying which system a country operates.
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