Waec Commerce Past Questions and Answers

Question 311:

• WAEC 1991

The relationship between a country's total receipts and payments in international trade in a given year is called?

A. Balance of trade
B. Balance of payments
C. Terms of trade
D. Balance of current account
E. Balance on capital account

Question 312:

• WAEC 1991

Division of labour is limited by?

A. Non-availability of special skills
B. The problem of mass production
C. The extent of supply
D. The extent of the market
E. Non-availability of money

Question 313:

• WAEC 1991

(a) In what ways does transport aid trade?
(b) Explain the following in connection with water transport:
(i) freight
(ii) charter party.

Question 314:

• WAEC 1991

Describe five measures each which a government may take to:
(a) restrict imports
(b) promote exports.

Question 315:

• WAEC 1991

Mention and explain five functions performed by the Central Bank of Nigeria showing how they facilitate commercial activities.