Producers equilibrium - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 2003

Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at

A. V
B. W
C. X
D. Z

Question 22:

• JAMB 2003

If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

A. V
B. W
C. X
D. Z

Question 23:

• JAMB 2008

The production possibility curve can be used to explain the underlying concepts of

A. Scale of preference and choice
B. Opportunity cost and choice
C. Wants and means
D. Opportunity cost and scale of preference

Question 24:

• JAMB 2011

One`of the limitations PPC assumption is that there is

A. No indication of technological development
B. No recognition of preferred goods for countries
C. Technical inefficiency
D. Abundant resources

Question 25:

• JAMB 2011

From the Diagram above, the optimal point of production is

A. R
B. T
C. U
D. S