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NABTEB GEOGRAPHY ANSWERS 2019
GEOGRAPHY-Obj
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Geography
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(1a)
Trade is an economic activity that involves buying and selling of goods and services between private individuals, corporate organizations as well as countries of the world.
(1b)
Two trade partners with Nigeria are namely United Kingdom (Britain) and United States of America (USA)
(1c)
(i) Crude oil
(ii) Automobiles
(iii) Electronics
(iv) Machines
(1d)
(i) Differences in Technology : Advantageous trade can occur between countries if the countries differ in their technological abilities to produce goods and services.
(ii) Differences in Resource Endowments : Advantageous trade can occur between countries if the countries differ in their endowments of resources. Resource endowments refers to the skills and abilities of a country’s workforce, the natural resources available within its borders (minerals, farmland etc.), and the sophistication of its capital stock (machinery, infrastructure, communications systems).
(iii) Differences in Demand : Advantageous trade can occur between countries if demands or preferences differ between countries. Individuals in different countries may have different preferences or demands for various products.
(iv) Existence of Economies of Scale in Production : The existence of economies of scale in production is sufficient to generate advantageous trade between two countries. Economies of scale refer to a production process in which production costs fall as the scale of production rises.
(v) Existence of Government Policies : Government tax and subsidy programs can be sufficient to generate advantages in production of certain products. In these circumstances, advantageous trade may arise solely due to differences in government policies across countries.
Posted by admin on 1st June 2019.
Tags: NABTEB 2019 GEOGRAPHY
Categories: Nabteb
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