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

Question 81:

• JAMB 2011

During the era of barter, money was generally in the form of

A. Notes
B. Precious metals
C. Coins
D. Commodities

Question 82:

• JAMB 2011

Trade takes place because of

A. Marginal utility
B. Inefficiency in production
C. Opportunity cost
D. Comparative advantage

Question 83:

• JAMB 2020

A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

A. Dumping
B. Counter trade
C. Bilateral trade
D. Trade liberalization

Question 84:

• JAMB 2021

Use the table below to answer the question below;
The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

From the table, it can be deduced that ____________

A. Nigeria should produce cocoa and lace
B. Nigeria can benefit from producing lace only
C. Austria should produce lace and Nigeria should produce cocoa
D. Austria should produce cocoa and lace

Question 85:

• JAMB 2021

Use the table below to answer the question below;
The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

The Opportunity cost ratio for cocoa and lace Tor Austria and Nigeria is ____________

A. 1.5:2
B. 2:2
C. 2:1.5
D. 0.5:1.5