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Economics Past Questions and Answers

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Economics Questions

Question 581:

Summary of production conditions in countries l and ll.<br/>From the table, we can correctly say in respect of international trade that

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A Country I has absolute disadvantage in the production of both cocoa and cloth
B Country I has absolute advantage in the prodcttion of both cocoa and cloth
C Country ll has absolute advantage in the production of both cocoa and cloth
D Country ll has a comparative advantage in the production of cocoa
E Country ll should leave the production of both cocoa and cloth to country l.

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Question 582:

Which of the following statements does NOT describe a situation of perfect competition?

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A The firm faces an infinitely elastic demand curve
B The firm makes no pure profit in the short run
C The price does not change with changes in the output level of the firm
D There is freedom of entry into and exit out of , the industry
E The firm can sell all it produces at the market price

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Question 583:

Which of the following is NOT a visible iterm in international trade payments?`

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A Payments for imported cars
B Receipts from coca exports
C Payments to foreign shipping companies
D Payments for steel imports
E Payments for petroleum imports

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Question 584:

Market for Garri: At a price of N5, the excess supply is`

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A 30 tins per week
B 45 tins per week
C 15 tins per week
D 20 tins per week
E Indeterminate

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Question 585:

If P<sub style='font-size: smaller;'>8</sub> and P<sub style='font-size: smaller;'>9</sub> represent the population of West African in 1978 and 1979 respectively, and given that in 1979.<br/>D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

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A P<sub style='font-size: smaller;'>9</sub> = P<sub style='font-size: smaller;'>8</sub> + D - B = I - E
B P<sub style='font-size: smaller;'>9</sub> = P<sub style='font-size: smaller;'>8</sub> + B - D + I - E
C P<sub style='font-size: smaller;'>9</sub> =P<sub style='font-size: smaller;'>8</sub> + B - D + E - I
D P<sub style='font-size: smaller;'>9</sub> = B - D + I - E
E P<sub style='font-size: smaller;'>9</sub> = P<sub style='font-size: smaller;'>8</sub> + B + D + I + E

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