Jamb Economics Past Questions For Year 1999
Question 46
A free trade area emerges when?
- A. traders from one part of the country can move freely to other parts
- B. customs regulation are harmonized among countries
- C. a group of countries decide to remove restrictions on imports from one another
- D. the UNCTAD is in force
Question 47
The price of a good will not be affected by the imposition of a sales tax on it if the?
- A. supply is inelastic
- B. demand is inelastic
- C. supply is perfectly elastic
- D. demand is perfectly elastic
Question 48
Economic development may be defined as economic growth?
- A. in a given country
- B. over a long period
- C. and improved health facilities
- D. and improved distribution of wealth
Question 49
The most acceptable economic measure for trade protection is to?
- A. improve standards of living
- B. protect infant industries
- C. safegard strategic industries
- D. promote foreign trade
Question 50
Favorable terms of trade is important to a country because it facilities?
- A. economic prosperity for importers and exporters
- B. export of hard currency by the government
- C. economic prosperity for country
- D. import of hard currency by the government
