Corrective Of Balance Of Trade And Balance Of Payments - Economics Jamb Past Questions and Answers

Question 1 :

• JAMB 2018

Assume that, for a certain country in a given year, the index of import prices stands at 102, the index of export prices stands at 106. The terms of trade are (to the nearest whole number)

A. 208
B. 104
C. 54
D. 4

Question 2 :

• JAMB 2017

A country's terms of trade can be improved by ____?

A. Collective bargaining
B. Imposing lower export duties
C. Revelation of currency
D. Reducing demand for imported goods

Question 3 :

• JAMB 2015

The term of trade can be expressed as

A. (Price index of export à· Price index of export)à— 100
B. (price index of import ÷ price index of export) × 100
C. (Price index of export à· Price index of import)à— 100
D. (Price index of export à· Price index of import)à— 100

Question 4 :

• JAMB 1984

Which of the following items does NOT belong to a country's current account in the balance of payments accounts?

A. Merchandise exports
B. Merchandise import
C. Travel
D. Foreign currencies
E. Insurance services

Question 5 :

• JAMB 1986

Balance of payment deficit in Nigeria CANNOT be solved by

A. Importing more goods and services
B. Devaluation of the currency
C. Imposing import duties
D. Imposing import bans on some commodities