Gce Model Questions Vol1 2024 Economics Question 1

Practice essay / theory question 1 from the 2024 Gce Model Questions Vol1 Economics examination. This question covers Basic Economic Concepts .

Gce Model Questions Vol1 2024 Economics Essay / Theory

Topic: Basic Economic Concepts

Question 1 GCE_MODEL_QUESTIONS_VOL1 • 2024 • ECONOMICS • essay

A small Nigerian community obtains its drinking water from a single well that can supply a maximum of 5,000 litres per day.

Question Parts

( a )

Define “scarcity” in the context of this community and explain why water is a scarce resource.

( b )

Using the concept of opportunity cost, discuss two different ways the community could allocate the water supply and the trade‑offs involved in each allocation.

( c )

If the community decides to allocate water between domestic use and irrigation in the ratio 3 : 2, calculate the amount of water each purpose receives and comment on how this allocation reflects the principle of choice.

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About This Question

This is Gce Model Questions Vol1 2024 Economics Question 1. It is one of the essay questions from the 2024 Gce Model Questions Vol1 Economics examination.

The question covers Basic Economic Concepts .

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