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Economics Jamb Past QuestionsQuestions and Answers on Corrective of Balance of trade and balance of paymentsQuestion 1 :Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number) A. 208 B. 104 C. 54 D. 4 Question 2 :A country's terms of trade can be improved by ____? A. Collective bargaining B. Imposing lower export duties C. Revelation of currency D. Reducing demand for imported goods Question 3 :The term of trade can be expressed as A. (Price index of export à· Price index of export)à— 100 B. (price index of import ÷ price index of export) × 100 C. (Price index of export à· Price index of import)à— 100 D. (Price index of export à· Price index of import)à— 100 Question 4 :Which of the following items does NOT belong to a country's current account in the balance of payments accounts? A. Merchandise exports B. Merchandise import C. Travel D. Foreign currencies E. Insurance services Question 5 :Balance of payment deficit in Nigeria CANNOT be solved by A. Importing more goods and services B. Devaluation of the currency C. Imposing import duties D. Imposing import bans on some commodities |
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