JAMB Economics Past Questions & Answers - Page 341

1,701.

Optimum population is the population level at which

A.

Death rate is at a minimum

B.

Per capita income is at a maximum

C.

Population is at a maximum

D.

Death rate is equal to birth rate

Correct answer is B

No explanation has been provided for this answer.

1,702.

International and inter-regional trade differs primarily because 

A.

Comparative advantage is relevant to the former but not to the latter

B.

Products flow across national boundaries

C.

There are different resources supplies among countries of the world

D.

Of regulation from GATT

Correct answer is B

No explanation has been provided for this answer.

1,703.

The law of comparative advantage states that a country should specialize in the production of a commodity

A.

In which local demand is greatest

B.

In which its opportunity cost is lower than that of the trade partner

C.

In which foreign demand is greatest

D.

In which there is abundant supply of raw materials

Correct answer is B

No explanation has been provided for this answer.

1,704.

By using exchange controls, a country tries to eliminate a balance of payments deficit by

A.

Limiting her imports to its currency value of exports

B.

Reducing the nation's domestic price level

C.

Limiting her exports to its currency value of imports

D.

Overvaluing the country's currency

Correct answer is A

No explanation has been provided for this answer.

1,705.

A balance budget is defined as a condition of

A.

Balance of payments equilibrium

B.

Equality of planned aggregate demand supply

C.

Equality of planned receipts and planned expenditure

D.

Equality of planned exports and planned imports

Correct answer is C

No explanation has been provided for this answer.