International Trade - Jamb Economics Past Questions and Answers

Question 136:

• JAMB 2004

Import duty concessions on the industrial inputs directly benefit the

A. Consumers
B. External sector
C. Commercial sector
D. Manufacturers

Question 137:

• JAMB 2004

A country is said to have absolute advantage when she

A. Has a higher opportunity cost in the production of a good
B. Can sell to other countries without buying from them
C. Can produce more of any good with fewer resources
D. Has a lower opportunity cost in the production of good

Question 138:

• JAMB 2004

When the importation of a commodity is limited to a definite quantity, the trade control means used is known as

A. Exchange control
B. Tax relief
C. Devaluation
D. Quotas

Question 139:

• JAMB 2004

The difference between payments and receipts for visible trade is called

A. Bilateral trade
B. Current balance
C. Balance of payments
D. Balance of trade

Question 140:

• JAMB 2005

The price index computed between two time periods is given as 128%,This implies that the

A. Disposable income have increased by 28%
B. Living standards have fallen by 128%
C. Living standards have risen by 128%
D. Living standards have fallen by 28%