Economic goods are termed scarce goods when they are
Not available in sufficient quantities to satisfy all wants for them
Not produced in sufficient quantities to satisfy the effefctive demand for them
Of high quality
Of primary importance in satisfying the needs of a society
Correct answer is A
No explanation has been provided for this answer.
In market economy, the question of what, how and for whom to produce are solved by the
Elected representative
Planning committee
Price mechanism
Government
Correct answer is C
The interaction of buyers and sellers in free markets enables goods, services, and resources to be allocated prices. Relative prices, and changes in price, reflect the forces of demand and supply and help solve the economic problem.
The question of what to produce, how to produce and for whom to produce are solved by the prices consumers are willing to pay in exchange for the produced goods, and the price the producers are willing to accept.
Agriculture is central to Nigeria's economic development because
Nigeria's comparative advantage lies mainly in agro-allied industries
Agriculture is the largest employer of labour
Agriculture accounts for an insignificant domestic product
Nigeria earns limitless foreign exchange from agriculture
Correct answer is B
No explanation has been provided for this answer.
The most common index used for measuring development is
The level of literacy
Per capita income
Nutritional levels
Population growth rate
Correct answer is B
No explanation has been provided for this answer.
Social overhead capital refers to
Balanced growth
Gross investment
The building of infrastructures
Capital formation
Correct answer is C
No explanation has been provided for this answer.