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

Question 1

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.

Question 2

An economy is producing at a point inside its Production Possibility Curve (PPC). What does this point represent?

A state of full employment and allocative efficiency. An unattainable level of production given current technology. Underutilization or inefficient use of available resources. An optimal combination of capital and consumer goods production.

Correct Answer:

Underutilization or inefficient use of available resources.

Question 3

A student has 4 hours of free time and can either study for an Economics test, which she values at GHS 50, watch a movie valued at GHS 30, or sleep, valued at GHS 20. What is the opportunity cost of choosing to study for the test?

GHS 50 GHS 30 GHS 20 GHS 0

Correct Answer:

GHS 30

Question 4

Which of the following is a characteristic of a command (socialist) economic system?

Resource allocation is determined primarily by the forces of demand and supply. The state owns the means of production and planning authorities decide what to produce. Consumer sovereignty dictates the production decisions of firms. Motive of profit maximization drives economic activities.

Correct Answer:

The state owns the means of production and planning authorities decide what to produce.

Question 5

What is the primary difference between cardinal utility theory and ordinal utility theory?

Cardinal theory assumes utility can be measured in exact numerical values, while ordinal theory assumes utility can only be ranked. Cardinal theory applies only to luxury goods, whereas ordinal theory applies to normal goods. Cardinal theory assumes diminishing marginal utility does not occur, while ordinal theory assumes it does. Ordinal theory uses budget lines, while cardinal theory uses indifference curves.

Correct Answer:

Cardinal theory assumes utility can be measured in exact numerical values, while ordinal theory assumes utility can only be ranked.

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About this Exam

Prepare with the GTLE Economics Practice Questions - Ghana Teacher Licensure Examination Subject Specialism Economics Exam practice quiz. This question bank includes 100 questions covering price, marginal, demand, ghana, and function. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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

This practice set contains 100 questions from the matching question bank and focuses on price, marginal, demand, ghana, and function. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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

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