Basic issues in foreign trade - counter 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 2006

In international trade, exchanging goods for other goods and services purchased instead of paying in foreign currency is known as?

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