Jamb Economics 1989 Past Questions and Answers

Question 36:

• JAMB 1989

A balance budget is defined as a condition of?

A. Balance of payments equilibrium
B. Equality of planned aggregate demand supply
C. Equality of planned receipts and planned expenditure
D. Equality of planned exports and planned imports

Question 37:

• JAMB 1989

By using exchange controls, a country tries to eliminate a balance of payments deficit by?

A. Limiting her imports to its currency value of exports
B. Reducing the nation's domestic price level
C. Limiting her exports to its currency value of imports
D. Overvaluing the country's currency

Question 38:

• JAMB 1989

The law of comparative advantage states that a country should specialize in the production of a commodity

A. For which local demand is greatest
B. In which its oportunity cost is lower than that of the trade partner
C. For which foreign demand is greatest
D. For which there is abundant supply of raw materials

Question 39:

• JAMB 1989

International and inter-regional trade differ primarily because?

A. Comparative advantage is relevant to the former but not to the latter
B. Products flow across national boundaries
C. There are different resources supplies among countries of the world
D. Of regulation from GATT

Question 40:

• JAMB 1989

Optimum population is the population level at which?

A. Death rate is at a minimum
B. Per capita income is at a maximum
C. Population is at a maximum
D. Death rate is equal to birth rate