Jamb Economics 1983 Past Questions and Answers

Question 26:

• JAMB 1983

Disequilibrium in the balance of payment means?

A. Imports of the country exceeding its exports
B. Overall deficit or surplus in the current account and capital account of the balance of payment
C. Capital flowing out of the country exceeds the capital flowing into the country
D. Deficit in the trade balance
E. Export earnings exceeds cost of imports

Question 27:

• JAMB 1983

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

Question 28:

• 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

Question 29:

• 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

Question 30:

• JAMB 1983

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