Economics 1983 JAMB Past Questions

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Petroleum 'glut' in international trade means

A. a fall in petroleum production
B. an over supply of petroleum
C. a higher petroleum price offered by the buyer
D. a higher petroleum price demanded by the seller
E. higher prices for the consumtion of petroleum

View Answer & Discuss (2) JAMB 1983

International trade is necessary because?

A. no country can live in economic isolation
B. different countries are differently endowed in natural and man-made resources
C. some countries have comparative costs advantage in the production of particular commodities over other countries
D. the word demand for and supply of various categories of commodities is expanding very fast
E. countries want to build up their foreign exchange reservers

View Answer & Discuss (5) JAMB 1983

Mono production economies are those that?

A. have a rich cultural heritage
B. produces only raw materials
C. live from the export of their raw product
D. produce one main commodities
E. specialized in agricultral industries

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The quickest way of achieving an economic union on regional basis is to remove all?

A. currency barriers
B. language barriers
C. politcal barriers
D. customs barriers
E. legal barriers

View Answer & Discuss (1) JAMB 1983

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

A. land and related factors
B. abundance of natural resources
C. level of human capital
D. technical progress or other factors
E. the discipline of political leadership

View Answer & Discuss (3) JAMB 1983

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Economics 1983 JAMB Past Questions

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