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JAMB Economics 1998 Question 1

Question 1

Basic Concepts

In the diagram above, full employment is indicated by

Diagram for this question
  1. A.L
  2. B.M
  3. C.N
  4. D.P
Show the answer and explanation

Answer: B (M)

Explanation

Full employment of resources is shown by a point on the production possibility curve. M lies on the curve; N and L are inside it and P is outside it (unattainable).