International Trade - Jamb Economics Past Questions and Answers

Question 146:

• JAMB 2006

Import substitution policy is used to

A. Protect local industries
B. Check government expenditure
C. Correct the balance of payments problem
D. Encourage increased volume of trade

Question 147:

• JAMB 2006

The term 'oil shock' is used to describe a situation in which

A. The demand for oil exceeds its supply
B. Oil prices have fallen drastically
C. The demand for oil is equal to ite supply
D. The supply of oil exceeds its demand

Question 148:

• JAMB 2006

The price index is calculated as

A. \(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)
B. \(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)
C. \(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)
D. \(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)

Question 149:

• JAMB 2007

The gains from international trade are shared on the basis of the

A. Quantity produced of each of the traded goods
B. Cost of production of each of the traded goods
C. Terms of trade
D. Bilateral trade agreements

Question 150:

• JAMB 2007

One of the ways of correcting a deficit balance of payments is to

A. Revalue a country's currency
B. Devalue a country's currency
C. Increase imports
D. Reduce exports