Producers equilibrium - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1987

A production possibility curve shows?

A. How much of the resources of society are used to produce a particular commodity
B. The rate of inflation
C. The rate of unemployment in the economy
D. The various combinations of two commodities that can be produced

Question 12:

• JAMB 1987

In the operation of market forces, the market is in equilibrium at the point where?

A. Demand and supply curve intersect in more than one point provided the market is cleared
B. The excess in market can be conveniently stored
C. Excess demand is negative
D. Demand and supply curves intersect

Question 13:

• JAMB 1988

Which of the following BEST describes the production function?

A. It indicates best output to produce
B. It relates naira inputs to naira output
C. It relates physical outputs to physical inputs
D. It indicates the best way to combine factors to produce given output

Question 14:

• JAMB 1989

A shift in the production possibility frontier could result from?

A. Unemployment
B. Changes in the combination of goods produced
C. Inflation
D. Changes in production techniques

Question 15:

• JAMB 1991

If a society is operating on the production possibility curve, this implies that the resources are?

A. Fully and efficiently utilized
B. Fully but inefficiently utilized
C. Efficiently but not fully utilized
D. Abundant