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

Question 61:

• JAMB 2000

A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be?

A. Developing
B. Developed
C. Poor
D. Underdeveloped

Question 62:

• JAMB 2000

A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade?

A. 20%
B. 71%
C. 120%
D. 140%

Question 63:

• JAMB 2001

The major reason why nations engage in international trade is that?

A. It allows free movement of factors of production
B. It makes possible the use of capital-intensive method of production
C. Nations are substantially different in their endowments of economic resources
D. It affords the trading nations the opportunity to earn high profit

Question 64:

• JAMB 2002

The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?

A. Competitve
B. Composite
C. Supplementary
D. Complementary

Question 65:

• JAMB 2002

The stock exchange is a market for the buying and selling of?

A. Monetary instruments
B. New shares
C. Existing shares
D. Treasury bills