WAEC Economics 2019 Objective — Question 1
Question 1 of 50 from the West African Examinations Council (WAEC) Economics 2019 Objective paper, with the correct answer and a full explanation.
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The fundamental economic problem in every society is
- A. the large number of the unemployed
- B. inadequate supply of money
- C. corruption and mismanagement
- D. limited supply of productive resourcesCorrect
Explanation
Scarcity is the basic economic problem faced by every society, defined as the limitation in the supply of productive resources relative to unlimited wants.
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