JAMB Economics 2008 Objective — Question 1

Question 1 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2008 Objective paper, with the correct answer and a full explanation.

The production possibility curve can be used to explain the underlying concepts of

A. scale of preference and choice
B. opportunity cost and choiceCorrect
C. wants and means
D. opportunity cost and scale of preference

Explanation

PPC can be used to explain the concepts of choice and opportunity cost. The country has different points on the PPC which represents different combinations of two goods out of which they choose one based on priority. When the country makes a choice, one commodity will be sacrificed to produce more units of the other as the country moves from one point to another on the PPC.

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