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

Question 1:

• JAMB 2018

An example of a vertical combination is the merger of_________

A. A spinning firm and a wearing firm
B. Two meat retailing firms
C. Two very large wholesale textile distributors
D. Three secretarial employment agencies in one town

Question 2:

• JAMB 2019

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

A. International monetary Fund
B. Countries with comparative advantage
C. Countries with superlative advantage
D. Countries producing same or identical goods

Question 3:

• JAMB 2019

Import duty and tariffs is an instrument used for international trade restriction and so is __________?

A. Preferential duties
B. Preferential treatment
C. Entreport
D. Trade license

Question 4:

• JAMB 2019

Which of the following is an invisible item?

A. Petroleum services
B. Processed rice
C. Processed milk
D. Banking services

Question 5:

• JAMB 2019

The two major types of international trade are Bilateral trade and?

A. Internal trade
B. Multilateral trade
C. Dilateral trade
D. Trilateral trade