A production possibility curve shows
How much of the resources of society are used to produce a particular commodity
The rate of inflation
The rate of unemployment in the economy
The various combinations of two commodities that can be produced
Correct answer is D
The production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors. The PPF assumes that all inputs are used efficiently.
An nation's distribution of income shows
The value of all goods produce in the economy
How income is divided among different groups
Where the economy system is on its production possibility curve
The consumption behaviour of the people
Correct answer is B
No explanation has been provided for this answer.
Which of the following strategies will provide more employment opportunities for Nigerians
Investment in social services
Industrialization
Economics planning
Eradication of illiteracy
Correct answer is B
No explanation has been provided for this answer.
The difference between the Gross Domestic Product and the Gross National Product is
Allowance for total depreciation
Total interest payments
Total tax and interest payments
Net income from aboard
Correct answer is D
No explanation has been provided for this answer.
Which of the following methods is most likely to lead an economy?
An increase in wages and profits
An increase in consumer demand
A greater fraction of national Product going into investment
A countinuous rise in bank loans
Correct answer is C
No explanation has been provided for this answer.