JAMB - Economics (1981 - No. 1)
'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?
Human wants are numerous but the resources needed to satisfy them are limited
Given numerous wants and limited resources only individuals and businesss firms make choice
The process of making a choices involves opportunity cost
An economist is not interested morality or otherwise of any choice so made
Usually choice is made from a list of wants compliled in the context of a scale of preference