International Trade - Jamb Economics Past Questions and Answers

Question 116:

• JAMB 1999

Import substitution industrialization refers to?

A. The concentration of industries for even regional development
B. Setting up of industries for even development
C. A situation in which local industries are set up to produce goods formerly imported
D. The banning of imports which are subtitutes for domestically produce goods

Question 117:

• JAMB 1999

A free trade area emerges when?

A. Traders from one part of the country can move freely to other parts
B. Customs regulation are harmonized among countries
C. A group of countries decide to remove restrictions on imports from one another
D. The UNCTAD is in force

Question 118:

• JAMB 1999

De valuation helps in checking adverse balance of payments if the?

A. Demand for imports is elastic
B. Demand for imports is inelastic
C. Supply of exports is elastic
D. Demand for exports is inelastic

Question 119:

• JAMB 1999

Gains from trade depends on?

A. Comparative advantage
B. Absolute advantage
C. Distributive cost advantage
D. Absolute cost advantage

Question 120:

• JAMB 1999

Favorable terms of trade is important to a country because it facilities?

A. Economic prosperity for importers and exporters
B. Export of hard currency by the government
C. Economic prosperity for country
D. Import of hard currency by the government