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

Question 11:

• JAMB 1981

Which of the following is NOT a visible item on international trade payment?

A. Payment for imported cars
B. Receipt from cocoa exports
C. Payments to foreign shipping companies
D. Payments for steel imports
E. Payment for petroleum imports

Question 12:

• JAMB 1981

When a nation’s exports are greater than its imports

A. The net foreign trade is zero
B. An unfavourable balance of payment exist
C. A favourable balance of payment exists
D. An un favourable balance of trade exist
E. A favourable balance of trade exists

Question 13:

• JAMB 1981

Which of the following is NOT a visible iterm in international trade payments?`

A. Payments for imported cars
B. Receipts from coca exports
C. Payments to foreign shipping companies
D. Payments for steel imports
E. Payments for petroleum imports

Question 14:

• JAMB 1982

The difference between visible exports and invisible exports of a country, in money terms, is known as the?

A. Balance of trade
B. Balance of payments
C. Terms of trade
D. Foreign reserves
E. Special drawing right

Question 15:

• JAMB 1982

Balance of payments of a country explains the overall position of?

A. Current account of the balance of payments
B. Capital account in the balance of payments
C. Both the current and capital acounts
D. Position of the balance of trade
E. Visible and invisible trade