International Trade - Jamb Economics Past Questions and Answers

Question 56:

• JAMB 1983

The monetary system that requires double coincidence of want is known as?

A. The gold standard
B. Barter
C. The commodity system
D. The gold exchange standard
E. The cheque system

Question 57:

• JAMB 1984

Question 39 and 40 are based on the table below:
The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)
The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

A. 2,2
B. 2,1.5
C. 1.5,4
D. 1.5,2
E. 0.5,1.5

Question 58:

• JAMB 1984

The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)
from the table, it can be deduced that?

A. Nigeria should produce cocoa and lace
B. Austria should produce cocoa and lace
C. Nigeria can benefit from producing lace only
D. Nigeria should not produce any of the products because of her relative disadvantages
E. Austria should produce lace and Nigeria should produce cocoa

Question 59:

• JAMB 1984

The following except ONE, are the differences between international trade and internal trade?

A. Diferences in currencies
B. Government control
C. Mobility of factors of production
D. Cultural differences
E. Exchange of Goods and services

Question 60:

• JAMB 1984

Which of the following items does NOT belong to a country's current account in the balance of payments accounts?

A. Merchandise exports
B. Merchandise import
C. Travel
D. Foreign currencies
E. Insurance services