Economics Questions and Answers

A tariff is a tax that a country imposes on its imports, sometimes to protect domestic industries from foreign competition. Therefore, the correct answer is 'Imported goods'.

Competitive goods means goods and/or services that meet the same buyer or customer needs as one or more goods and /or services offered by a member or any of its affiliates. An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are competitive supply.

Natural resources exist naturally unlike man made resources that are created by human beings. The existence of natural resources is not attributed to any human activities, they are acts of nature.

The transportation industry is the highest demand for petrol while the chemical industry a close second.

African Development Bank is a bank owned by African countries which belonged to the African Union. The objective are:

- Provision of loans to aid social and economic development of member nations.

- Provision of technical assistance for development projects and programms embarked upon by member nations.

- It fosters economic integration among member nations.