International Trade - Jamb Economics Past Questions and Answers

Question 66:

• JAMB 1985

Foreign exchange control in Nigeria is administered by the?

A. United Bank for Africa
B. Union Bank of Nigeria
C. First Bank Of Nigeria
D. Central Bank of Nigeria
E. Natonal Bank of Nigeria

Question 67:

• JAMB 1985

The process by which a country attempts to reduce the import of manufactured goods at home is described as?

A. Export-promotion
B. Import-substitution
C. Industrialization
D. Export-diversification
E. Import-creation

Question 68:

• JAMB 1986

In international trade, a country specializes in the production of a commodity or group of commodities for which it has?

A. A buoyant market
B. Plenty of raw materials
C. The greatest relative advantage
D. Executive manpower

Question 69:

• JAMB 1986

Balance of payment deficit in Nigeria CANNOT be solved by

A. Importing more goods and services
B. Devaluation of the currency
C. Imposing import duties
D. Imposing import bans on some commodities

Question 70:

• JAMB 1986

The term balance of trade, can be defined as the?

A. Relation between value of exports and value of imports over a given period of time
B. Balance owed to the rest of the world in payment for imports
C. Price paid for imports in term of exports
D. Relation between payments of all kind made by a country to the rest of the world, over a given period of time