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Economics Past Questions and Answers

Jamb Economics Questions

Question 26:

Disequilibrium in the balance of payment means?

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A Imports of the country exceeding its exports
B Overall deficit or surplus in the current account and capital account of the balance of payment
C Capital flowing out of the country exceeds the capital flowing into the country
D Deficit in the trade balance
E Export earnings exceeds cost of imports

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Question 27:

Petroleum 'glut' in international trade means

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A A fall in petroleum production
B An over supply of petroleum
C A higher petroleum price offered by the buyer
D A higher petroleum price demanded by the seller
E Higher prices for the consumtion of petroleum

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Question 28:

International trade is necessary because?

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A No country can live in economic isolation
B Different countries are differently endowed in natural and man-made resources
C Some countries have comparative costs advantage in the production of particular commodities over other countries
D The word demand for and supply of various categories of commodities is expanding very fast
E Countries want to build up their foreign exchange reservers

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Question 29:

Mono production economies are those that?

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A Have a rich cultural heritage
B Produces only raw materials
C Live from the export of their raw product
D Produce one main commodities
E Specialized in agricultral industries

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Question 30:

The quickest way of achieving an economic union on regional basis is to remove all?

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A Currency barriers
B Language barriers
C Politcal barriers
D Customs barriers
E Legal barriers

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