Question 4626:

• JAMB 2022

Which of the following is not emphasized in a product possibility curve?

A. Scarcity of resources
B. Economic development
C. Inefficiency in the use of resources
D. Unemployment of labour

Question 4627:

• JAMB 2022

Producers operating in a free market economy are more efficient as a result of

A. The existence of competition
B. The very few number of participants
C. The commitment of the shareholders
D. Government regulation of their activities

Question 4628:

• JAMB 2022

In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

A. 0.0045 million
B. 4.5 million
C. 1.25 million
D. 16 million

Question 4629:

• JAMB 2022

A downward sloping demand curve means that

A. Total revenue declines as price is lowered
B. Demand falls as output increases
C. Demand falls as output falls
D. Price must be lowered to sell more

Question 4630:

• JAMB 2022

If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

A. Substitutes
B. Complements
C. Inferior goods
D. Bought together