The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

Assessment: JAMB UTME - Economics - 1993 Subject: Economics

Question 1 Report


The above diagram showing the maximum possible combination of commodities X and Y produced in Nigeria is called the

Answer Details
The diagram mentioned in the question is a graph that shows the maximum amount of two goods (commodities X and Y) that can be produced using all the available resources and technology in Nigeria. It indicates the trade-off between the production of the two goods. This graph is called a "Production Possibility Curve (PPC)". It shows the different combinations of the two goods that can be produced when all resources are used efficiently, and it illustrates the concept of opportunity cost.
Read lesson note on The Theory Of Production (JAMB)
Read lesson note on Theory Of Production (WAEC)
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