Meaning and basis for international trade - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 1991

there is an improvement in the terms of trade of a country if?

A. A large quantity of exports is given up to obtain a unit of imports
B. The volume of exports is greater than the volume of imports
C. A smaller quantity of exports is given up to obtain a unit of imports
D. The value of exports is greater than the value of imports

Question 47:

• JAMB 1991

there is an improvement in the terms of trade of a country if?

A. A large quantity of exports is given up to obtain a unit of imports
B. The volume of exports is greater than the volume of imports
C. A smaller quantity of exports is given up to obtain a unit of imports
D. The value of exports is greater than the value of imports

Question 48:

• JAMB 1993

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:

• JAMB 1993

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 50:

• JAMB 1993

Tariff on imports are meant to?

A. Prevent a foreign goods
B. Discourage exports
C. Encourage exports
D. Increase the level of external dependency