Post Utme Economics Questions
Question 36:
An improvement in the Nigeria’s terms of trade should
- 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 Nigeria’s domestic output of commodities
- D Lead to an increase in her exchange rates
- E Lead to an increase in Nigeria’s exports of petroleum
Question 37:
By ‘trade by barter’, we mean _____
- 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
Question 38:
Gains from trade depends on ____
- A Comparative advantage
- B Absolute advantage
- C Distributive cost advantage
- D Absolute cost advantage
- E None of the above
Question 39:
International and inter-regional trade differ primarily because
- 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
among countries of the world - D Of regulations from GATT
- E None of the above
Question 40:
Surplus in the balance of payments lead to
- 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