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

Question 66:

• JAMB 2002

Import substitution aims at?

A. Substituting agricultural products with industrial ones
B. Substituting imports with agricultural exports
C. The diversification of industries
D. Improving the balance of payments

Question 67:

• JAMB 2003

Securities are described as listed when they are

A. Mobilished as long-term debt instruments
B. Traded on a recognised stock market
C. Bought and sold purely for development purposes
D. Mobilized as short-term debt instruments

Question 68:

• JAMB 2004

The movement of goods and services from the producers to the consumers is referred to as

A. External trade
B. The distribution chain
C. The circular flow
D. Consumption

Question 69:

• JAMB 2004

Import duty concessions on the industrial inputs directly benefit the

A. Consumers
B. External sector
C. Commercial sector
D. Manufacturers

Question 70:

• JAMB 2004

A country is said to have absolute advantage when she

A. Has a higher opportunity cost in the production of a good
B. Can sell to other countries without buying from them
C. Can produce more of any good with fewer resources
D. Has a lower opportunity cost in the production of good