International Trade - Jamb Economics Past Questions and Answers

Question 71:

• JAMB 1986

The term of trade often measured by the ratio of the index of export

A. Divided by the index of import prices multiplied by 100
B. Multiplied by the index of import prices
C. Plus the index of import prices multiplied by 100
D. Minus the index of import prices

Question 72:

• JAMB 1987

Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?

A. Dumping
B. Counter-trade
C. Bilateral trade
D. Trade liberalization

Question 73:

• JAMB 1987

The rate of exchange between a domestic and a foreign currency is defined as the?

A. Terms of trade
B. Domestic currency price of a unit of the foreign currency
C. Foreign currency price of gold
D. Domestic currency price of gold

Question 74:

• JAMB 1987

Transfer payment are

A. Transfer earnings
B. Money transferred from one country to another
C. Unearned income
D. Payment transferred from one account to another

Question 75:

• JAMB 1988

When a nation is experiencing balance of payment surplus, it is in a better position to?

A. Increase its foreign exchange reserves
B. Increase its liabilities to foreigners
C. Reduce its foreign exchange reserves
D. Devalue its national currency