Basic issues in foreign trade - balance of trade - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 2019

Services are made up of

A. Visible and invisible
B. Industry and Commerce
C. Direct and indirect services
D. Goods and Services

Question 3:

• JAMB 1994

The rate at which a country's exports exchange for its imports is called

A. Balance of payments
B. Balance of trade
C. Terms of payment
D. Terms of trade

Question 4:

• JAMB 1999

(i)Foreign investment (ii)Long term lending (iii) Short-term borrowing. Which combination of the above include capital account in international trade?

A. I, iii, and iv
B. Ii, iii and iv
C. Ii and iv
D. I and ii

Question 5:

• JAMB 2005

The necessary documents used in foreign trade are?

A. Bill of lading, invoice and letter of inqiry
B. Indent, bill of exchange, bill of lading and voice
C. Voice, shipping note, bill of lading and freight note
D. Shipping note, certificate of origin and visible exports