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

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2016

Which of the following can cause oil glut in the International market?

A. Excess demand over supply
B. Under- capacity utilization
C. Excess supply over demand
D. Economic boom

Question 3:

• 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 4:

• 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 5:

• 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