Which of the following is a luxury item?

Assessment: WAEC SSCE - Economics - 2001 (Objective) Subject: Economics

Question 1 Report

Which of the following is a luxury item?
Answer Details
Gold is considered a luxury item because it is a precious metal that is valued for its rarity, beauty, and economic significance. It is often used for jewelry and decorative objects, and its high price makes it a symbol of wealth and status. In contrast, petrol, textbook, and pencil are not usually considered luxury items, as they are common, everyday items that are widely used and easily accessible.
Read lesson note on The Theory Of Consumer Behaviour (JAMB)
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