International Trade - Jamb Economics Past Questions and Answers

Question 121:

• JAMB 1999

The most acceptable economic measure for trade protection is to?

A. Improve standards of living
B. Protect infant industries
C. Safegard strategic industries
D. Promote foreign trade

Question 122:

• JAMB 2000

A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be?

A. Developing
B. Developed
C. Poor
D. Underdeveloped

Question 123:

• JAMB 2000

A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade?

A. 20%
B. 71%
C. 120%
D. 140%

Question 124:

• JAMB 2000

If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?

A. $0.05 = N1.00
B. $0.06 =N1.00
C. $0.11 =N1.00
D. $0.12 =N1.00

Question 125:

• JAMB 2001

The major reason why nations engage in international trade is that?

A. It allows free movement of factors of production
B. It makes possible the use of capital-intensive method of production
C. Nations are substantially different in their endowments of economic resources
D. It affords the trading nations the opportunity to earn high profit