Question on: JAMB Economics - 2024
Which of the following is not emphasized in a product possibility curve?
A
Scarcity of resources
B
Unemployment of labour
C
Inefficiency in the use of resources
D
Economic development
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Correct Option: D
The product possibility curve (PPC) illustrates the following:* Scarcity of resources: The PPC demonstrates that there are limited resources available to produce goods and services.* Unemployment of labor: Points inside the curve indicate unemployment of resources, including labor.* Inefficiency in the use of resources: Points inside the curve also represent inefficient use of resources.* Economic development: The PPC is a static model, it does not directly emphasize economic development. Economic development is usually shown as an outward shift of the PPC.
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