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

Question 36:

• JAMB 1987

Transfer payment are

A. Transfer earnings
B. Money transferred from one country to another
C. Unearned income
D. Payment transferred from one account to another

Question 37:

• JAMB 1989

The term 'double coincidence ' of wants is usually associated with a?

A. Bilateral exchange mechanism
B. Monetary exchange mechanism
C. Stock exchange system
D. Barter exchange mechanism

Question 38:

• JAMB 1989

The stock exchange market is where?

A. Businessmen borrow some capital
B. The federal government trades on treasury bills
C. Existing bonds and stocks are traded
D. New stocks and shares are bought or sold

Question 39:

• JAMB 1989

The law of comparative advantage states that a country should specialize in the production of a commodity

A. For which local demand is greatest
B. In which its oportunity cost is lower than that of the trade partner
C. For which foreign demand is greatest
D. For which there is abundant supply of raw materials

Question 40:

• JAMB 1989

International and inter-regional trade differ primarily because?

A. Comparative advantage is relevant to the former but not to the latter
B. Products flow across national boundaries
C. There are different resources supplies among countries of the world
D. Of regulation from GATT