2019 - JAMB Economics Past Questions and Answers - page 3

The shape of the PPF is determine by the law is diminishing returns or also known as variable proportion. 

The combination of labour and capital which shows the same output is known as isoquent curve.

i.e capital= product. 

What helps to reduce unemployment is the good planning by the Government. 

The demand for labour has a negative slope indicating as wage rises less labour is determined it is also a derived demand. 

What is being use to control inflation, deflation, unemployment, Economic recession is known as Fiscal policy. 

A tax may be progressive up to certain limit, after that it may be charged at a flat rate i.e Regressive. Digressive tax are not cheap. 

What increases the volume of Industrial activities such as manufacturing is an industrialization. 

Government does not encourage industrialization through low productivity and inefficiency. 

Farming, fishing, mining are primary sector or excrative occupation. Workers here from about 65%.