GTLE Economics Practice Questions - Ghana Teacher Licensure Examination Subject Specialism Economics Exam

Which of the following describes the fundamental economic problem that faces all societies?

How to reduce unemployment to zero percent. The scarcity of resources relative to unlimited human wants. How to ensure that government revenue exceeds public expenditure. The control of inflation to stabilize currency value.

Correct Answer:

The scarcity of resources relative to unlimited human wants.

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