International Trade - Jamb Economics Past Questions and Answers

Question 86:

• JAMB 1990

Which of the following is likely to reduce a surplus in the balance of payments of a country?

A. Devaluation
B. Increased tariff on imports
C. Export promotion
D. Currency appreciation

Question 87:

• JAMB 1990

Which of the following is a tariff?

A. Limit on the amount of goods which can be imported
B. Inteest rate on foreign loans
C. Government payment to domestic producers for exports
D. Tax on imported goods

Question 88:

• JAMB 1990

Import duties will increase total expenditure on imports if the demand for imports is?

A. Elastic
B. Inelastic
C. Infinitely elastic
D. Derived

Question 89:

• JAMB 1991

One disadvantage of trade by barter is that?

A. People are happier when they exchange the same quantities of goods through the medium of money rather than by barter
B. The person wishing to buy good X may not have good Y which is what the other wants
C. One person must always be cheated when trade takes place by barter
D. It increases the intial cost of producing goods

Question 90:

• JAMB 1991

One of the advantages of international trade is that it?

A. Increases world output
B. Encourages economic independence among nations
C. Restricts spread of technical knowledge
D. Promotes self-reliance and satisfaction with only what can be produced internally