International Trade - Jamb Economics Past Questions and Answers

Question 41:

• JAMB 1981

Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

A. The value of industrial exports is declining
B. The value of industrial imports is constant
C. The share of agricultural exports is increasing
D. The share of agricultural export is decreasing
E. The value of mineral export is declining

Question 42:

• JAMB 1981

When a nation’s exports are greater than its imports

A. The net foreign trade is zero
B. An unfavourable balance of payment exist
C. A favourable balance of payment exists
D. An un favourable balance of trade exist
E. A favourable balance of trade exists

Question 43:

• 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 44:

• JAMB 1981

Which of the following is NOT a visible iterm in international trade payments?`

A. Payments for imported cars
B. Receipts from coca exports
C. Payments to foreign shipping companies
D. Payments for steel imports
E. Payments for petroleum imports

Question 45:

• JAMB 1982

The difference between visible exports and invisible exports of a country, in money terms, is known as the?

A. Balance of trade
B. Balance of payments
C. Terms of trade
D. Foreign reserves
E. Special drawing right