Economics Past Questions and Answers
Economics Questions
Question 661:
Comparative cost doctrine of international trade means specialization in production
- A According to absolute cost advantage
- B According to absolute cost disadvantage
- C According to comparative cost disadvantage
- D According to comparative cost advantage
- E On the basis of the availability of labour
Question 662:
The meaning of 'Dumping' is selling goods in a foreign market
- A At a low price that recieved in the home market
- B At a price higher than that recieved in the foreign market
- C At a price equal to the cost price in the home market
- D In order to encourage indigenous producers
- E At a price equal to the selling price in the home market
Question 663:
Disequilibrium in the balance of payment means?
- A Imports of the country exceeding its exports
- B Overall deficit or surplus in the current account and capital account of the balance of payment
- C Capital flowing out of the country exceeds the capital flowing into the country
- D Deficit in the trade balance
- E Export earnings exceeds cost of imports
Question 664:
Petroleum 'glut' in international trade means
- A A fall in petroleum production
- B An over supply of petroleum
- C A higher petroleum price offered by the buyer
- D A higher petroleum price demanded by the seller
- E Higher prices for the consumtion of petroleum
Question 665:
International trade is necessary because?
- A No country can live in economic isolation
- B Different countries are differently endowed in natural and man-made resources
- C Some countries have comparative costs advantage in the production of particular commodities over other countries
- D The word demand for and supply of various categories of commodities is expanding very fast
- E Countries want to build up their foreign exchange reservers
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