WAEC Economics 2021 Objective — Question 1
Question 1 of 50 from the West African Examinations Council (WAEC) Economics 2021 Objective paper, with the correct answer and a full explanation.
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1. The study of economics is important to every society because it
- A. enables individuals to satisfy all their wants
- B. helps in the utilization of scarce resourcesCorrect
- C. helps producers to know what to produce
- D. restores equilibrium between producers and consumers
Explanation
Economics centrally concerns how to make the best use of limited (scarce) resources to meet unlimited wants.
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