An upward movement along the same supply curve result in_____________

an increase in quantity supplied

a decrease In quantity supplied

A capital market differs from the money market in that in the former _____?

The percentage of interest charged is more

Which of the following is an advantage of localization of industry?

Development of subsidiary firms

The basic economic problems of society include___________

what to produce, how and for whom

scarcity, for whom to produce and where

what to produce, how and for whom

The mean is the best measure of central tendency because it__________

is a balancing point in an observation

can be calculated from incomplete data

is a balancing point in an observation

is a midpoint value in an array of data

is not affected by extreme values in a data

JAMB UTME - Economics - 2018

Ajụjụ 1 Ripọtì

The need to construct a scale of preference is necessitated by____________

scarcity and the need for choice

The needs to satisfy wants

Non - availability of factors of production

Scarcity of resources

Akọwa Nkọwa

The need to construct a scale of preference is necessitated by scarcity and the need for choice. Resources are limited, but human wants and needs are unlimited. This creates a situation of scarcity, where people must make choices about how to allocate their resources to satisfy their most pressing needs and wants. A scale of preference is a tool that helps individuals to prioritize their wants and needs, so that they can make informed choices about how to allocate their limited resources. For example, imagine you have a limited amount of money to spend on groceries for the week. You have a long list of items you want to buy, but you can't afford to buy them all. By constructing a scale of preference, you can prioritize the items on your list according to how important they are to you. You might decide that buying bread, milk, and vegetables are your top priorities, while buying luxury items like chocolates and wine are lower on your list. This allows you to make the most of your limited resources and satisfy your most pressing needs first. Therefore, the need to construct a scale of preference is necessitated by scarcity and the need for choice, as it helps individuals to allocate their limited resources in a way that best satisfies their wants and needs.






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