Jamb Economics 1993 Past Questions and Answers

Question 36:

• JAMB 1993

The GDP of Nigeria will be greater than her GNP if?

A. The value of goods and services to Nigeria is greater than the value of those from Nigeria
B. Consumption is greater than investment
C. Government expenditures are greater than the foreign aid received
D. The value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria

Question 37:

• JAMB 1993

Below equilibrium, the gap between aggregate demand and the full employment level of income is called the?

A. Inflationary gap
B. Income gap
C. Unemployment gap
D. Deflationary gap

Question 38:

• JAMB 1993

Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms

A. I and ii only
B. I and iii only
C. Ii and iii only
D. I,ii and iii

Question 39:

• JAMB 1993

Comparative advantage implies that a country will specialize in producing the commodity?

A. With the highest opprotunity cost
B. For which output per worker is lower than in other countries
C. With the lowest opportunity cost
D. For which output per worker is the same with those of other countries

Question 40:

• JAMB 1993

Devaluation is effective when?

A. Demand for imports is price inelastic
B. Demand for imports is neutral
C. Production for export is low
D. Demand for exports is price elastic