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

Question 41:

• JAMB 2005

The difference in each country's total output on specification is

A. 16000 units
B. 9000 units
C. 8000 units
D. 7000 units

Question 42:

• JAMB 2007

One of the ways of correcting a deficit balance of payments is to

A. Revalue a country's currency
B. Devalue a country's currency
C. Increase imports
D. Reduce exports

Question 43:

• JAMB 2010

If Nigeria imports vehicles from Japan the transaction will appear as a

A. Debit on Japan's balance of payments
B. Credit on Japan's balance of payments
C. Credit on Nigeria's balance of trade
D. Credit on Nigeria's balance of payment

Question 44:

• JAMB 2011

The record of a country's transactions in international trade is her

A. Capital account
B. Balance of payments
C. Current account
D. Balance of trade

Question 45:

• JAMB 2012

A deficit balance of payments is measured by subtracting the debits from the credits in the

A. Current account
B. Current and capital accounts
C. Current and escrow accounts
D. Capital and escrow accounts