Jamb Economics Past Questions For Year 1993
Question 46
From which of the following does Nigeria derive trade concessions?
- A. IMF
- B. World Bank
- C. ADB
- D. EEC
Question 47
Devaluation is effective when?
- A. demand for imports is price inelastic
- B. demand for imports is neutral
- C. production for export is low
- D. demand for exports is price elastic
Question 48
Comparative advantage implies that a country will specialize in producing the commodity?
- A. with the highest opprotunity cost
- B. for which output per worker is lower than in other countries
- C. with the lowest opportunity cost
- D. for which output per worker is the same with those of other countries
Question 49
Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms
- A. i and ii only
- B. i and iii only
- C. ii and iii only
- D. i,ii and iii
Question 50
The international Bank for Reconstruction and Development is important to developing countries because it?
- A. gives loans to member countries for legal proceedings
- B. offers grants and aid for defence
- C. offers loans to member countries for socio-economics activities
- D. offers grants and aid to finance luxury projects
