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JAMB Economics 1993 Question 2

Question 2

Basic Concepts

The diagram (quantity of good Y against quantity of good X) showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

Diagram for this question
  1. A.production indicator
  2. B.maximum production curve
  3. C.production possibility curve
  4. D.total output curve
Show the answer and explanation

Answer: C (production possibility curve)

Explanation

A curve showing the greatest combinations of two goods that can be produced with given resources is the production possibility curve.