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

Question 76:

• JAMB 2007

The gains from international trade are shared on the basis of the

A. Quantity produced of each of the traded goods
B. Cost of production of each of the traded goods
C. Terms of trade
D. Bilateral trade agreements

Question 77:

• JAMB 2008

The exports-promotion strategy is aimed at producing

A. Consumer goods originally imported
B. Machinery for industries
C. More goods for exports
D. More goods domestic consumption

Question 78:

• JAMB 2009

According to the theory of comparative advantage specialization will result in

A. Labour-intensive method of production
B. Capital-intensive method of production
C. Efficient allocation of resources
D. Efficient distribution of output

Question 79:

• JAMB 2009

Dumping in international trade means selling a goods at a

A. Higher price at home than abroad
B. Lower price at home than abroad
C. Price that equates marginal cost with marginal revenue
D. Price above marginal cost abroad

Question 80:

• JAMB 2010

One of the characteristics of free trade zone is

A. Common tariff against non-member countries
B. Different trade policies of non-member countries
C. Free factor mobility within the zone
D. Harmonized trade among member countries