Jamb Economics Past Questions and Answers

Question 2211:

• 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

Question 2212:

• JAMB 2021

Full employment is a situation in which ____________

A. Every adult is employed.
B. Only the disable are not employed.
C. All adults who can work are employed.
D. All those who are able and eligible can find employment

Question 2213:

• JAMB 2021

Mono production economies are those that ____________

A. Produce one main commodities
B. Have a rich cultural heritage.
C. Specialize in agricultural industries.
D. Produce only raw materials.

Question 2214:

• JAMB 2021

Mono production economies are those that ____________

A. Produce one main commodities
B. Have a rich cultural heritage.
C. Specialize in agricultural industries.
D. Produce only raw materials.

Question 2215:

• JAMB 2021

Petroleum 'glut' in international trade means ____________

A. Higher prices for the Consumption of petroleum.
B. An Oversupply of petroleum.
C. A fall in in petroleum production.
D. A higher petroleum price offered by the buyer.