Neco Model Questions Vol1 2020 Economics Question 1
Practice essay / theory question 1 from the 2020 Neco Model Questions Vol1 Economics examination. This question covers Scarcity, Opportunity Cost, Production Possibility Frontier, Economic Efficiency .
A small rural community has a fixed amount of land, labour and capital. The community can allocate these resources to the production of rice or cassava. If all resources are devoted to rice, the maximum output is 500 tonnes of rice and 0 tonnes of cassava. If all resources are devoted to cassava, the maximum output is 0 tonnes of rice and 300 tonnes of cassava. The following two mixed‑production points are also attainable: • Point A: 200 tonnes of rice and 120 tonnes of cassava • Point B: 350 tonnes of rice and 60 tonnes of cassava Using this information, answer the questions below.
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This is Neco Model Questions Vol1 2020 Economics Question 1. It is one of the essay questions from the 2020 Neco Model Questions Vol1 Economics examination.
The question covers Scarcity, Opportunity Cost, Production Possibility Frontier, Economic Efficiency .
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