A basic economic problem of any society is

Economics

WAEC 2014

A. high level of illiteracy
B. irregular power supply
C. population growth
D. resource allocation

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Correct Answer: Option D

Explanation

The fundamental economic problem is the issue of scarcity and how best to produce and distribute these scare resources. Scarcity means there is a finite supply of goods and raw materials. Finite resources means they are limited and can run out

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A basic economic problem of any society is

Correct Answer: Option D

Explanation

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