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Economics Past Questions and Answers

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Economics Questions

Question 3701:

Nations engage in international trade because of difference in?

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A Absolute cost
B Comparative cost
C Fixed cost
D Variable cost

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Question 3702:

one advantage of international trade is that

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A Prices of goods become stable
B Countries become self-sufficient
C Goods consumed are produced at a very high cost
D It makes possible the consumption of variety of goods

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Question 3703:

which of the following forms of economic integration is a member nation free to impose duty against

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A Custom union
B Free trade area
C Common market
D Economic community

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Question 3704:

The International bank for reconstruction and development (IBRD) performs the following functions except?

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A Granting long-term loans
B Assisting with technical expertise
C Reducing tariff among members
D Developing human resource

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Question 3705:

An electrical engineer who is teaching physics in a secondary school is said to be

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A Under-employed
B Unemployed
C Fully employed
D Technically unemployed

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