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Tuesday, 28 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 496:
JAMB 1980
Utility of a commodity means?
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  • A Its usefulness
  • B Power to satisfy a want
  • C Price of the commodity
  • D Satisfaction derived from the product of commodity
  • E Its adaptability
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Question 497:
JAMB 1980
International trade arise because?
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  • A One country has more abundant resource
  • B One country has the technology to produce the commodity whilst the other has not
  • C One country has the maximum comparative advantage or minimum comparative disadvantage in the production
  • D One country has manpower to produce the commodity than the country
  • E All of the above
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Question 498:
JAMB 1980
By balance of visible trade we mean?
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  • A Import and export of goods
  • B Import and export of service
  • C Balance of current account in the balance of payment
  • D Balance of capital account in the baalance of payment
  • E All of this
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Question 499:
JAMB 1980
Nigeria earns the major part of her foreign exchange from the export of?
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  • A Manpower to another countries
  • B Crude oil
  • C Petroleum products
  • D Groundnuts and cotton
  • E Palm oil and cocoa
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Question 500:
JAMB 1980
Which would you NOT consider an advantage of one-man business?
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  • A Freedom of action
  • B Limited liabiities
  • C Quick decision-making
  • D Personal contact with customers
  • E None o the albove
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