International Trade - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1979

The lowering of the exchange rate between country's currency and other currencies is known as

A. The foreign exchange rate
B. Deflation
C. Exchange control
D. The law of comparative advantage
E. None of the above

Question 27:

• JAMB 1979

The foreign exchange rate of a country is

A. The interest rate fixed by the central bank
B. The price of one national currency in terms of another
C. The rate at which the central bank issues money
D. The rate of interest on government bonds
E. None of the above

Question 28:

• JAMB 1979

The 'terms of trade' means

A. The trade agreement between two countries
B. The difference in the volumes of exports of two countries
C. The value of a unit of export in relation to the value of a unit of import
D. The production of total value of exports to the value of total trade
E. None of the above

Question 29:

• JAMB 1980

International trade arise because?

A. One country has more abundant resource
B. One country has the technology to produce the commodity whilst the other has not
C. One country has the maximum comparative advantage or minimum comparative disadvantage in the production
D. One country has manpower to produce the commodity than the country
E. All of the above

Question 30:

• 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