Question on: JAMB Economics - 1995
The ultimate objective of Economics is to?
A
make effort to understand how the Economy works
B
make the best use of scarce resources
C
organize production at the lowest cost
D
decide under what circumstances the government should intervene inthe economy
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Correct Option: B
The ultimate objective of economics is to address the fundamental problem of scarcity. This involves making the best use of scarce resources to satisfy unlimited wants and needs.
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