Question 496:

• JAMB 1980

Utility of a commodity means?

A. Its usefulness
B. Power to satisfy a want
C. Price of the commodity
D. Satisfaction derived from the product of commodity
E. Its adaptability

Question 497:

• JAMB 1980

International trade arise because?

A. One country has more abundant resource
B. One country has the technology to produce the commodity whilst the other has not
C. One country has the maximum comparative advantage or minimum comparative disadvantage in the production
D. One country has manpower to produce the commodity than the country
E. All of the above

Question 498:

• JAMB 1980

By balance of visible trade we mean?

A. Import and export of goods
B. Import and export of service
C. Balance of current account in the balance of payment
D. Balance of capital account in the baalance of payment
E. All of this

Question 499:

• JAMB 1980

Nigeria earns the major part of her foreign exchange from the export of?

A. Manpower to another countries
B. Crude oil
C. Petroleum products
D. Groundnuts and cotton
E. Palm oil and cocoa

Question 500:

• JAMB 1980

Which would you NOT consider an advantage of one-man business?

A. Freedom of action
B. Limited liabiities
C. Quick decision-making
D. Personal contact with customers
E. None o the albove