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WAEC Economics 1992 Question 9

Question 9

Basic Concepts

A society that is on its production possibility curve

  1. A.has attained full employment but not full production
  2. B.has attained full production but not full employment
  3. C.is using its resources inefficiently
  4. D.has attained both full employment and full production
  5. E.has a lower output level than it should have.
Show the answer and explanation

Answer: D (has attained both full employment and full production)

Explanation

Points on the PPC show the maximum output when all resources are fully and efficiently employed.