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

Question 21:

• JAMB 1981

Invisible trade refers to trade in?

A. Services
B. Goods and services
C. Tangible goods
D. Short-term and long-term capital
E. Goods that cannot be seen

Question 22:

• JAMB 1981

The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

A. Industrialization
B. Export-promotion
C. Import-substitution
D. Export--substitution
E. Import-expansion

Question 23:

• JAMB 1981

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

A. Country I has absolute disadvantage in the production of both cocoa and cloth
B. Country I has absolute advantage in the prodcttion of both cocoa and cloth
C. Country ll has absolute advantage in the production of both cocoa and cloth
D. Country ll has a comparative advantage in the production of cocoa
E. Country ll should leave the production of both cocoa and cloth to country l.

Question 24:

• JAMB 1982

The purpose of import duties does NOT include the?

A. Generation of revenue for government
B. Protection of domestic industries
C. Promotion of international trade
D. Conservation of foreign exchange earnings
E. Control of comsuption pattern

Question 25:

• JAMB 1982

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

A. Tariffs
B. Quotas
C. Exchnge control
D. Devaluation
E. Revaluation