WAEC Economics 2018 Objective — Question 1
Question 1 of 50 from the West African Examinations Council (WAEC) Economics 2018 Objective paper, with the correct answer and a full explanation.
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Economic problems arise in all societies because
- A. resources are mismanaged by leaders
- B. there is no proper planning
- C. resources are not in adequate supplyCorrect
- D. the services of economists are not employed
Explanation
Economic problems arise fundamentally because resources are scarce/limited relative to the unlimited wants they must satisfy.
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