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2596
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
2597
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.
View Answer & Discuss JAMB 1981
2598
Which of the following statements does NOT describe a situation of perfect competition?
  • A. The firm faces an infinitely elastic demand curve
  • B. The firm makes no pure profit in the short run
  • C. The price does not change with changes in the output level of the firm
  • D. There is freedom of entry into and exit out of , the industry
  • E. The firm can sell all it produces at the market price
View Answer & Discuss JAMB 1981
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2599
Which of the following is NOT a visible iterm in international trade payments?`
  • A. Payments for imported cars
  • B. Receipts from coca exports
  • C. Payments to foreign shipping companies
  • D. Payments for steel imports
  • E. Payments for petroleum imports
View Answer & Discuss JAMB 1981
2600
Market for Garri: At a price of N5, the excess supply is`
  • A. 30 tins per week
  • B. 45 tins per week
  • C. 15 tins per week
  • D. 20 tins per week
  • E. indeterminate
View Answer & Discuss (1) JAMB 1981
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