Economics Past Questions

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2691

In the diagrams, the opportunity cost of a unit of cotton in terms of cocoa is

A. 4 for Ghana; 2 for Nigeria
B. 20 for Ghana; 60 for Nigeria
C. 1/4 for Ghana; 1/2 for Nigeria
D. 5 for Ghana; 30 for Nigeria

View Answer & Discuss JAMB 2002

2692

Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at

A. V
B. W
C. X
D. Z

View Answer & Discuss JAMB 2003

2693

If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

A. V
B. W
C. X
D. Z

View Answer & Discuss (1) JAMB 2003

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2694

In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility