JAMB Economics 2022 Objective — Question 10
Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2022 Objective paper, with the correct answer and a full explanation.
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Petroleum 'glut' in international trade means
- A. shortage in petroleum production
- B. excess supply of petroleumCorrect
- C. a higher petroleum price offered by the buyer
- D. a higher petroleum price demanded by the seller
Explanation
A 'glut' refers to an excess supply of a commodity relative to demand — in this case, excess supply of petroleum.
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