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

Question 51:

• JAMB 1994

What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?

A. Deregulation
B. Import substitution
C. Tariff reduction
D. Backward integration

Question 52:

• JAMB 1994

A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

A. Dumping
B. Counter trade
C. Bilateral trade
D. Trade liberalization

Question 53:

• JAMB 1997

Counter trading is an international arrangement whereby?

A. Goods and services are exchanged in a manner similar to barter
B. Goods and services are sold on the counter
C. Crude oil is sold to a foreign country
D. Goods are shipped to countries on which the United Nations has placed a trade embargo

Question 54:

• JAMB 1998

Export-promotion policy is primary concerned with the?

A. Processing of raw materials to increase their value
B. Making of international routes safe for export commodity
C. Reduction in the number of imported items
D. Encourage of the production of export commodities

Question 55:

• JAMB 1998

A rise in the market price of fixed interest securities is an indication that the?

A. Supply of money has decreased
B. Liquidity preference has increased
C. Market rate of interest has risen
D. Market rate of interest has fallen