Balance of trade and balance of payments - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 1978

Which of the following item in the balance of payment of account is an invisible transaction?

A. Import of cars
B. Export of cocoa
C. Export of crude petroleum
D. Tourism
E. Import of building materials

Question 7:

• JAMB 1980

By balance of visible trade we mean?

A. Import and export of goods
B. Import and export of service
C. Balance of current account in the balance of payment
D. Balance of capital account in the baalance of payment
E. All of this

Question 8:

• JAMB 1980

Which of the following is NOT one of the balance of payment entries?

A. The current account
B. Foreign exchange
C. Import and Export duties
D. Short-term capital
E. Long-term capital

Question 9:

• JAMB 1980

Indicate which of the following are invisible trade items in a country’s balance of payments?

A. Oil exports and imports
B. Gold and foreign reserves
C. Foreign investment
D. Dividends and profit
E. Expenditure on the shipping and tourism

Question 10:

• JAMB 1981

Surplus in balance of payment leads to?

A. Inflation or increasing prices generally
B. Increases in foreign reserves
C. Decreases in foreign reserves
D. Government budget surplus
E. None of the above