UI Post-UTME Economics 2021 (Model questions) Question 6

Question 6

Basic Concepts

Given a Production Possibility Curve, if an economy is producing at a point on the curve, then all the resources are being used.......

  1. A.Efficiently
  2. B.to produce the goods that the society wants
  3. C.inefficiently
  4. D.in a manner that production would be more than consumption
Show the answer and explanation

Answer: A (Efficiently)

Explanation

Points on the PPC show full and efficient use of resources; points inside show waste.