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Economics Past Questions and Answers

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Economics Questions

Question 3806:

An improvement in the Nigeria’s terms of trade should

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A Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
B Make made-in-Nigeria goods cheaper to buy
C Increase Nigeriaâ€™s domestic output of commodities
D Lead to an increase in her exchange rates
E Lead to an increase in Nigeriaâ€™s exports of petroleum

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Question 3807:

By ‘trade by barter’, we mean _____

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A Trade done by people in the villages
B Exchange of goods for money
C International trade
D Exchange of goods for goods
E The trade of the Middle Ages

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Question 3808:

Gains from trade depends on ____

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A Comparative advantage
B Absolute advantage
C Distributive cost advantage
D Absolute cost advantage
E None of the above

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Question 3809:

International and inter-regional trade differ primarily because

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A Comparative advantage is relevant to the former but not to the latter
B Products flow easily within regions of a country
C There are different resource supplies<br/>among countries of the world
D Of regulations from GATT
E None of the above

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Question 3810:

Surplus in the balance of payments lead to

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A Inflation or increasing prices generally
B Increase in foreign reserves
C Decrease in foreign reserves
D Government budget surplus
E None of the above

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