Economics 1981 JAMB Past Questions

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In this diagram, So So is the original supply curve while S₁ S₁ represent?

View Answer & Discuss JAMB 1981

From the above, the Growth Rate of Total National Output or GDP is

A. 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B. 20.0%, i.e. (2 + 5 + 10 +3)%
C. 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D. 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E. not obtainable

View Answer & Discuss (1) JAMB 1981

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

A. country I has absolute disadvantage in the production of both cocoa and cloth
B. country I has absolute advantage in the prodcttion of both cocoa and cloth
C. country ll has absolute advantage in the production of both cocoa and cloth
D. country ll has a comparative advantage in the production of cocoa
E. country ll should leave the production of both cocoa and cloth to country l.