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

Question 6:

• JAMB 2016

A country's terms of trade can be improved by________?

A. Revaluation of currency
B. Collective bargaining
C. Reducing demand for imported goods
D. Imposing lower export duties

Question 7:

• JAMB 2016

If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?

A. Nigeria produces cocoa more cheaply than Ghana
B. Nigeria and Ghana produce at the same level
C. Ghana produces cocoa more than Nigeria
D. Nigeria produces more cocoa than Ghana

Question 8:

• JAMB 2015

The theory of comparative cost advantage is associated with

A. Adam Smith
B. Reverend Thomas Malthus
C. Professor trum fisher
D. David Ricardo

Question 9:

• JAMB 2014

If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is

A. Excise duties
B. Import duties
C. Quotas
D. Tariff

Question 10:

• JAMB 1978

The foreign exchange market is a market where

A. Graded commoditties like wheat, flour, etc are sold and bought
B. Currencies are sold and bought
C. Treasury bills are sold and bought
D. Government bonds are sold and bought
E. Treasury certificates are sold