Absolute costs - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2019

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

A. International monetary Fund
B. Countries with comparative advantage
C. Countries with superlative advantage
D. Countries producing same or identical goods

Question 3:

• JAMB 2004

A country is said to have absolute advantage when she

A. Has a higher opportunity cost in the production of a good
B. Can sell to other countries without buying from them
C. Can produce more of any good with fewer resources
D. Has a lower opportunity cost in the production of good