International Trade - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 1981

The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

A. Industries producing baby food and clothing
B. Industries owned by infants
C. Newly set-up industries
D. Industries in which infants will be taken care of
E. Industries that behave like infants

Question 37:

• 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 38:

• 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 39:

• JAMB 1981

Surplus in balance of payment leads to?

A. Inflation or increasing prices generally
B. Increases in foreign reserves
C. Decreases in foreign reserves
D. Government budget surplus
E. None of the above

Question 40:

• JAMB 1981

Which of the following is NOT a visible item on international trade payment?

A. Payment for imported cars
B. Receipt from cocoa exports
C. Payments to foreign shipping companies
D. Payments for steel imports
E. Payment for petroleum imports