Question 351:

• JAMB 2014

If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is

A. Excise duties
B. Import duties
C. Quotas
D. Tariff

Question 352:

• JAMB 2014

The main objective of WTO is to

A. Ensure adequate protection of infant industries
B. Provide a mechanism for tariff reduction
C. Assist countries with chronic balance of payments problem
D. Assist developing countries to execute developmental projects

Question 353:

• JAMB 2014

The major contribution of OPEC to the Nigerian economy is the

A. Provision of social infrastructures
B. Granting of subsidies on petroleum products
C. Stabilization of oil prices
D. Building of refineries

Question 354:

• JAMB 2014

The loading of crude oil at the terminal is an activity in the

A. Downstream sector of the oil industry
B. Upstream and downstream sector of the oil industry
C. Upstream sector of the oil industry
D. Midstream and upstream sectors of the oil industry

Question 355:

• JAMB 2014

The short-run average variable cost of a firm will rise owing to

A. The expansion of factory space
B. The building of new warehouse
C. An increase in the cost of labour
D. An increase in the salaries of directors