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"International Trade and International Economic Organization" question number distribution across years
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JAMB questions for "Economics :: International Trade and International Economic Organization"
Q1
One of the characteristics of free trade zone is
A
common tariff against non-member countries
B
free factor mobility within the zone
C
different trade policies of non-member countries
D
harmonized trade among member countries
E
Q2
If Nigeria imports vehicles from japan, the transaction will appear as a
A
debit on Japan's balance of payments
B
credit of Nigeria's balance of trade
C
credit on Japan's balance of payments
D
credit of Nigeria's balance of payments
E
Q3
One of the objectives of ADB is to
A
provide subsides on imported goods to member countries
B
promote economic and social development of member countries
C
mobilize short-term loans for member countries
D
provide technical assistance to only poor member countries
E
Q4
Dumping in international trade means selling a good at a
A
higher price at home than aboard
B
lower price at home than aboard
C
price that equates marginal cost with marginal revenue
D
price above marginal cost aboard
E
Q5
An important function of the world bank is to
A
provide short-term loan to member
B
encourage trade between members
C
promote capital-intensive production
D
exchange rate is regulated while interest rate is fixed
E
Q6
The export-promotion strategy is aimed at producing
A
consumer goods originally imported
B
machinery for industries
C
more goods for exports
D
more goods for domestic consumption
E
Q7
The OPEC marketing policy of fixing minimum price allows members to
A
sell above minimum price
B
sell below minimum price
C
determine the price and quantity to sell
D
negotiate price with customers
E
Q8
A major trading problem facing ECOWAS is
A
the absence of common currency
B
political instability
C
high poverty level
D
non implementation of decisions
E
Q9
The gains from international trade are shared on the basis of the
A
cost of production of each of the trade goods
B
bilateral trade agreements
C
quantity produced of each of the traded goods
D
terms of trade
E
Q10
The main objective of WTO is to
A
ensure adequate tariff protection for infant industries
B
help countries with chronic balance of payment problems
C
provide a mechanism for tariff reductions
D
help debtor nations solve their problems
E
Q11
Import substitution policy is used to
A
check government expenditure
B
protect local industries
C
correct the balance of payment problem
D
encourage increased volume of trade
E
Q12
The organization whose aim is to solve the trade problems of less developed nations is
A
WTO
B
UNECA
C
OECD
D
UNCTAD
E
Q13
Nigeria's export usually comprise
A
intermediate goods
B
capital goods
C
primary goods
D
consumer goods
E
Q14
A long-term capital outflow is recorded in the balance of payments as a
A
credit on the capital account
B
credit on the current account
C
debit on the current account
D
debit on the capital account
E
Q15
The loans from the World Bank to developing countries are mainly to support
A
capital-intensive technology
B
the establishment of universities
C
their infrastructural investment
D
their level of consumption
E
Q16
An institution that regulates trade relations among member is the
A
ADB
B
OPEC
C
EU
D
IMF
E
Q17
Import duty concessions on industrial inputs directly benefit the
A
manufacturers
B
external sector
C
consumers
D
commercial sector
E
Q18
The difference between payments and receipts for visible trade is called
A
current balance
B
balance of trade
C
balance of payments
D
bilateral trade
E
Q19
When the importation of a commodity is limited to a definite quantity, the trade control means used is known as
A
quotas
B
tax relief
C
devaluation
D
exchange control
E
Q20
The European Union was formed to
A
finance development projects in member nations
B
promote economic integration in non-member countries
C
asset countries to achieve their economic goals
D
promote free trade within member nations
E
Q21
IBRD as an international monetary institution is concerned with the
A
improvement of trade among member nations
B
development of infrastructure in member nations
C
balance of payments problems of member nations
D
financing of private businesses in member nations
E
Q22
The effectiveness of devaluation as a solution to a balance of payment problems depends on the
A
value of visible and invisible goods
B
value of invisible items of both domestic and foreign goods
C
relative elasticities of demand and supply of imports and exports
D
foreign investment of businessmen
E
Q23
The major purpose of the African Development Bank is to
A
educate peasant farmers in new techniques
B
provide loans for development banks in distress
C
provide loans for infrastructural development
D
provide loans for trade development
E
Q24
One way of correcting the balance of payment problem of a country is to
A
devalue the currency
B
introduce import-promotion measures
C
de-emphasize import-substitution industries
D
buy investments aboard
E
Q25
Import substitution aims at
A
substituting agricultural products with industrial ones
B
substituting imports with agricultural exports
C
improving the balance of payment
D
the diversification of industries
E
Q26
ECOWAS has taken a giant towards economic integration by
A
introducing a common currency for travellers
B
presenting a united front against economic exploiters
C
holding frequent meetings at various state capitals
D
increasing economic stability among member states
E
Q27
The loans from the World Bank to developing countries are mainly to support
A
the establishment of more universities
B
capital-intensive technology
C
infrastructural investments
D
their low level of consumption
E
Q28
The major reason why nations engage in international trade is
A
it allows free movement of factors of production
B
it makes possible the use of capital-intensive method of production
C
nations are substantially different in their endowments of economic resources
D
it affords the trading nations the opportunity to earn high profit
E
Q29
Being a member of the OPEC Nigeria is in a favourable position to
A
export her crude oil
B
control world crude oil prices
C
borrow money from members
D
reap the benefit of a cartel
E
Q30
A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade
A
20%
B
71%
C
120%
D
140%
E
Q31
A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be
A
developing
B
developed
C
underdeveloped
D
poor
E
Q32
As a producer's association, the OPEC expects its members to maintain production where marginal cost is
A
greater than price
B
equal to average price
C
equal to price
D
less than price
E
Q33
The most acceptable economic measure for trade protection is to
A
improve standard of living
B
protect infant industries
C
safeguard industries
D
promote foreign trade
E
Q34
A free trade area emerges when
A
traders from one part of the country can move freely to other parts
B
customs regulations are harmonized among countries
C
a group of countries decide to remove restrictions on imports from one another
D
the UNCTAD is in force
E
Q35
Favourable terms of trade is important to a country because it facilitates
A
economic prosperity for importers and exporters
B
export of hand currency by the government
C
economic prosperity for the country
D
import of hand currency by the government
E
Q36
Devaluation helps in checking adverse balance of payment if the
A
demand for imports is elastic
B
demand for imports is inelastic
C
supply of exports is elastic
D
demand for exports is elastic
E
Q37
Gains from trade depends on
A
comparative advantage
B
absolute advantage
C
distributive cost advantage
D
absolute cost advantage
E
Q38
The primary objective of establishing the Export Processing Zone is to
A
facilitate agriculture production
B
encourage the production and processing of export commodities
C
erect structures that will facilitate the processing of imported raw materials
D
erect economic structures near the port
E
Q39
Export-promotion policy is primary concerned with the
A
processing of raw materials to increase their value
B
making of international routes safe for export commodities
C
reduction in the number of imported items
D
encouragement of the production of export commodities
E
Q40
Ia a country has a balance of payments surplus on current account, this means that
A
the total invisible export is greater than invisible import
B
the value of goods exported must be greater than the value of goods imported
C
there must be a positive balance on capital account
D
the aggregate of the balance of trade and the invisible balance must be positive
E
Q41
If a country operates a freely floating exchange rate system, and suffers a balance of payments deficit, the deficit can be eliminated through
A
a rise in the external value of its country
B
a fall in the external value of its currency
C
an increase in the volume of imports
D
the consumption of more foreign goods
E
Q42
The Economic Commission for Africa was set up by the
A
UNO
B
ECOWAS
C
OAU
D
IMF
E
Q43
The balance of visible trade is the difference between the values of
A
imported and exported goods
B
imported and exported services
C
current account and capital account
D
exchange ate of local and foreign curriencies
E
Q44
The organisation which provides credit to help countries achieve short-term balance in their balance of payments is the
A
Economic Community of West African States
B
International Monetary Fund
C
International Bank for Reconstruction and Development
D
African Development Bank
E
Q45
An important feature of a cartel is that
A
members do not reduce price below he cartel price
B
each member has a fixed output above which it is not expected to produce
C
a powerful member fixes the price at which others will sell
D
members fix the price for their products
E
Q46
Counter trading is an international arrangement whereby
A
goods and services are exchanged in a manner similar to barter
B
goods and services are sold on the counter
C
crude oil is sold to a foreign country
D
goods are shipped to countries on which the United Nations has placed a trade embargo
E
Q47
In recent years, Nigeria's balance of payments has continued to register a deficit due to I. increased government overseas' spending II. increasing prices of exports III. rising import prices IV. more payments to overseas' investors
A
I,II and II
B
I, II and IV
C
I, III and IV
D
II, III and IV
E
Q48
Which of the of the following classes of goods accounts for the largest proportion of Nigeria's imports?
A
food and animal products
B
Consumer goods
C
Chemicals
D
Machinery and transport equipment
E
Q49
The major source of Nigeria's foreign exchange is the export of
A
skilled manpower
B
workers than machinery
C
raw materials than capital
D
machinery than worker
E
Q50
The most important goal of OPEC is to
A
present a united front for the purpose of raising prices of crude oil
B
bring unity among the petroleum exporting countries
C
ensure political stability among member states
D
ensure that rules on quota production is strictly followed
E
Q51
The primary objective of all international economic organization is to
A
ensure that third world countries get a better share of the world's resources
B
promote international economic co-operation for the mutual benefit of all members
C
enforce structural adjustment programmes on less developed countries
D
encourage exports from the developed to the less developed countries
E
Q52
One of the techniques for rectifying a deficit balance of payment is
A
import promotion
B
devaluation
C
physical intervention
D
borrowing from abroad
E
Q53
The main objective of the Economic Community of West African States is to
A
establish a West African Development Bank
B
create a West African army
C
introduce a common currency for the sub-region
D
promote free movement of person, goods and services within the sub-region
E
Q54
In international trade, shipping and other freight charges are treated as
A
invisible items
B
unilateral transfers
C
capital transactions
D
autonomous capital transactions
E
Q55
A situation in which a commodity is sold abroad below its cost production in the home country is known as
A
dumping
B
counter trade
C
bilateral trade
D
trade liberalization
E
Q56
The borrowing rights of a member country of the International Monetary Fund are determined by
A
the seriousness of the country's economic problems
B
its balance of payments position
C
its quota to the fund
D
the size of its gold reserve
E
Q57
Which of the following are the advantages of Nigeria's membership of ECOWAS? I A greater opportunity for trade according to comparative cost advantage II A large market for industries producing under conditions of decreasing cost III Competition for home based monopoly firms
A
I and II only
B
I and III only
C
II and III only
D
I, II and III
E
Q58
From which of the following does Nigeria derive trade concessions?
A
I.M.F.
B
World Bank
C
A.D.B.
D
E.E.C.
E
Q59
Tariffs on imports are meant to
A
prevent a country from becoming a dumping ground for foreign goods
B
discourage exports
C
encourage exports
D
increase the level of external dependancy
E
Q60
The International Bank for Reconstruction and Development is important to developing countries because it
A
gives loans to member countries for legal proceedings
B
offers grants and aid for defence
C
offers loans to member countries for socio-economic activities
D
offers grants and aid to finance luxury
E