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

Question 56:

• JAMB 1999

The primary objective of establishing the Export Process Zone is to?

A. Facilitate agricultural production
B. Encourage the production and processing of export commodities
C. Erect imported raw materials
D. Erect economic structures near the port

Question 57:

• JAMB 1999

Import substitution industrialization refers to?

A. The concentration of industries for even regional development
B. Setting up of industries for even development
C. A situation in which local industries are set up to produce goods formerly imported
D. The banning of imports which are subtitutes for domestically produce goods

Question 58:

• JAMB 1999

A free trade area emerges when?

A. Traders from one part of the country can move freely to other parts
B. Customs regulation are harmonized among countries
C. A group of countries decide to remove restrictions on imports from one another
D. The UNCTAD is in force

Question 59:

• JAMB 1999

Gains from trade depends on?

A. Comparative advantage
B. Absolute advantage
C. Distributive cost advantage
D. Absolute cost advantage

Question 60:

• JAMB 1999

The most acceptable economic measure for trade protection is to?

A. Improve standards of living
B. Protect infant industries
C. Safegard strategic industries
D. Promote foreign trade