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Assume you are hired by the United Nations Children's Fund as a development economist.
Your assignment is to travel to Nigeria (a resource-rich, yet poverty-stricken country) to write a report about the extent of poverty and propose policies that can help reduce poverty. Your assignment is twofold: (a) to analyze the economic and social reasons why some people of this rich country are poor; and (b) to develop a set of policy measures that could help reduce poverty and improve income distribution.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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