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

Question 71:

• JAMB 2004

When the importation of a commodity is limited to a definite quantity, the trade control means used is known as

A. Exchange control
B. Tax relief
C. Devaluation
D. Quotas

Question 72:

• JAMB 2005

Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?

A. 7000 units
B. 16000 units
C. 9000 units
D. 8000 units

Question 73:

• JAMB 2006

Import substitution policy is used to

A. Protect local industries
B. Check government expenditure
C. Correct the balance of payments problem
D. Encourage increased volume of trade

Question 74:

• JAMB 2006

The term 'oil shock' is used to describe a situation in which

A. The demand for oil exceeds its supply
B. Oil prices have fallen drastically
C. The demand for oil is equal to ite supply
D. The supply of oil exceeds its demand

Question 75:

• JAMB 2006

The price index is calculated as

A. \(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)
B. \(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)
C. \(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)
D. \(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)