Producers equilibrium - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1991

Resources are efficiently allocated when production takes place at that output where price equals?

A. Marginal revenue
B. Average variable cost
C. Marginal cost
D. Toal cost

Question 17:

• JAMB 1993

The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

A. Production indicator
B. Maximum production curve
C. Production possibility curve
D. Total output curve

Question 18:

• JAMB 1997

The current stage of the economy is depicted in curve 1. Point P suggests that the economy is

A. Reaching full employment but not full prodduction
B. Attaining full production but not full employment
C. Under capitalized
D. Attaining both full employment and full production

Question 19:

• JAMB 1997

The movement of curve I to ll suggests

A. An improvement in capital goods technology but not in consumer goods technology
B. A movement from unemployment to full employment
C. That the output for the society has declined
D. A gain in consumer goods technique and not in capital goods technique

Question 20:

• JAMB 1999

The shape of a production possibility frontier is determined by the?

A. Increasing relative costs
B. Returns to scale
C. Diminishing returns to a fixed factor
D. Increasing returns to a variable factor