Question 581:

• 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.

Question 582:

• JAMB 1981

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

Question 583:

• JAMB 1981

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

Question 584:

• JAMB 1981

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

Question 585:

• JAMB 1981

If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.
D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

A. P₉ = P₈ + D - B = I - E
B. P₉ = P₈ + B - D + I - E
C. P₉ =P₈ + B - D + E - I
D. P₉ = B - D + I - E
E. P₉ = P₈ + B + D + I + E