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JAMB Economics 1983 Question 33

Question 33

Economic Growth and Development

Mono product economies are those that

  1. A.have a rich cultural heritage
  2. B.produce only raw materials
  3. C.live from the export of their raw products
  4. D.produce one main commodity
  5. E.specialize in agricultural industries.
Show the answer and explanation

Answer: D (produce one main commodity)

Explanation

A mono-product economy depends on one main commodity, as Nigeria depends on crude oil.