International Trade - Jamb Economics Past Questions and Answers

Question 166:

• JAMB 2021

Use the table below to answer the question below;
The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

From the table, it can be deduced that ____________

A. Nigeria should produce cocoa and lace
B. Nigeria can benefit from producing lace only
C. Austria should produce lace and Nigeria should produce cocoa
D. Austria should produce cocoa and lace

Question 167:

• JAMB 2021

Use the table below to answer the question below;
The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

The Opportunity cost ratio for cocoa and lace Tor Austria and Nigeria is ____________

A. 1.5:2
B. 2:2
C. 2:1.5
D. 0.5:1.5