Question 721:

• JAMB 1984

Question 39 and 40 are based on the table below:
The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)
The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

A. 2,2
B. 2,1.5
C. 1.5,4
D. 1.5,2
E. 0.5,1.5

Question 722:

• JAMB 1984

The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)
from the table, it can be deduced that?

A. Nigeria should produce cocoa and lace
B. Austria should produce cocoa and lace
C. Nigeria can benefit from producing lace only
D. Nigeria should not produce any of the products because of her relative disadvantages
E. Austria should produce lace and Nigeria should produce cocoa

Question 723:

• JAMB 1984

The following except ONE, are the differences between international trade and internal trade?

A. Diferences in currencies
B. Government control
C. Mobility of factors of production
D. Cultural differences
E. Exchange of Goods and services

Question 724:

• JAMB 1984

Which of the following items does NOT belong to a country's current account in the balance of payments accounts?

A. Merchandise exports
B. Merchandise import
C. Travel
D. Foreign currencies
E. Insurance services

Question 725:

• JAMB 1984

Which of the following is NOT a feature of economic underdevelopment of a country?

A. A large number of High income earners relative to the population
B. High annual income for the few
C. High incidence of poverty
D. Low daily calorie intake per person
E. High infant mortality rate