JAMB Economics questions

378 questions with answers and explanations. Tap an option to check yourself.

1. Question 121· International economic organisations· JAMB

   The main aim of the World Trade Organization (WTO) is to

   • Agive loans for balance of payments
   • Bpromote freer trade by reducing trade barriers
   • Cfix oil prices
   • Dprovide peacekeeping

   Show answer

   Explanation and discussion

2. Question 122· International economic organisations· JAMB

   The African Development Bank has its headquarters in

   • ALagos
   • BAbidjan
   • CAddis Ababa
   • DAccra

   Show answer

   Explanation and discussion

3. Question 123· International economic organisations· JAMB

   The IMF helps member countries mainly by

   • Arunning schools
   • Bbuilding roads
   • Cfixing oil prices
   • Dproviding short-term loans for balance of payments problems

   Show answer

   Explanation and discussion

4. Question 124· International economic organisations· JAMB

   The Lake Chad Basin Commission promotes

   • Aoil production
   • Bworld trade
   • Ccooperation among countries sharing the Lake Chad basin
   • Dbanking supervision

   Show answer

   Explanation and discussion

5. Question 125· International economic organisations· JAMB

   The World Bank mainly provides

   • Amilitary aid
   • Bshort-term balance of payments help
   • Clong-term loans for development projects
   • Dtrade tariffs

   Show answer

   Explanation and discussion

6. Question 126· International economic organisations· JAMB

   The Economic Community of West African States was established by the Treaty of

   • ALagos (1975)
   • BRome
   • CAbuja (2002)
   • DAccra (1957)

   Show answer

   Explanation and discussion

7. Question 127· International economic organisations· JAMB

   Members of OPEC cooperate mainly to

   • Acoordinate petroleum policies and production
   • Bbuild roads
   • Cpromote tourism
   • Dfix food prices

   Show answer

   Explanation and discussion

8. Question 128· International economic organisations· JAMB

   The World Bank (IBRD) mainly provides

   • Ashort-term loans for balance of payments
   • Blong-term loans for development projects
   • Cmilitary assistance
   • Dtrade agreements

   Show answer

   Explanation and discussion

9. Question 129· International economic organisations· JAMB

   The headquarters of ECOWAS is in

   • ALomé
   • BAccra
   • CAbuja
   • DDakar

   Show answer

   Explanation and discussion

10. Question 130· International economic organisations· JAMB

    The Economic Community of West African States (ECOWAS) was established in

    • A1975
    • B1960
    • C1963
    • D1999

    Show answer

    Explanation and discussion

11. Question 131· International economic organisations· JAMB

    The main function of the International Monetary Fund (IMF) is to

    • Afinance long-term infrastructure projects
    • Bgive short-term loans to members with balance of payments problems
    • Cregulate world trade in goods
    • Dprovide humanitarian aid

    Show answer

    Explanation and discussion

12. Question 132· International economic organisations· JAMB

    The African Development Bank finances mainly

    • AEuropean businesses
    • Bdevelopment projects in African countries
    • Coil cartels
    • Dprivate consumers

    Show answer

    Explanation and discussion

13. Question 133· International trade· JAMB

    Nigeria's export price index is 150 and its import price index is 120. Its terms of trade are

    • A80
    • B125
    • C270
    • D30

    Show answer

    Explanation and discussion

14. Question 134· International trade· JAMB

    A quota in international trade is

    • Aa subsidy
    • Ba tax on imports
    • Ca ban on all trade
    • Da limit on the quantity of a good that may be imported

    Show answer

    Explanation and discussion

15. Question 135· International trade· JAMB

    Invisible trade includes

    • Amachinery
    • Bcrude oil
    • Ccocoa
    • Dshipping, insurance and tourism

    Show answer

    Explanation and discussion

16. Question 136· International trade· JAMB

    An import quota is

    • Aa tax on exports
    • Ba limit on the quantity of goods imported
    • Ca loan
    • Da subsidy

    Show answer

    Explanation and discussion

17. Question 137· International trade· JAMB

    Visible trade refers to trade in

    • Acapital
    • Bservices
    • Cgoods
    • Dtourism

    Show answer

    Explanation and discussion

18. Question 138· International trade· JAMB

    A floating exchange rate is determined by

    • Ademand and supply of currencies
    • Bthe government alone
    • Cthe IMF alone
    • Da fixed gold standard

    Show answer

    Explanation and discussion

19. Question 139· International trade· JAMB

    The exchange rate is

    • Athe tax on imports
    • Bthe interest rate on loans
    • Cthe rate of inflation
    • Dthe price of one currency in terms of another

    Show answer

    Explanation and discussion

20. Question 140· International trade· JAMB

    Protectionism is justified on the grounds of

    • Alowering prices for consumers
    • Braising world efficiency
    • Cprotecting infant industries
    • Dencouraging dumping

    Show answer

    Explanation and discussion