Waec Commerce Past Questions and Answers

Question 31:

• WAEC 1989

If a businessman imports stockfish with a view to exporting them to other countries, this form of trade is known as?

A. Invisible trade
B. Entrepot trade
C. Export trade
D. Import trade
E. Bilateral trade

Question 32:

• WAEC 1989

A trader who wants to buy goods from another country sends?

A. An advice note
B. An invoice
C. A bill of exchange
D. A statement
E. An indent

Question 33:

• WAEC 1989

Which of the following is an invisible export of Nigeria?

A. Shipping services Nigeria renders to Russia
B. Nigeria's crude oil to london
C. Banking services rendered to Americans resident in Nigeria
D. Stockfish from Germany to Nigeria
E. Nigeria groundnut to egypt

Question 34:

• WAEC 1989

Most payments in international trade are made by means of?

A. Cash
B. Bills of lading
C. Personal cheques
D. Letters of credit
E. Travellers cheques

Question 35:

• WAEC 1989

A deficit in balance of trade occurs when?

A. Visible exports exceeds invisible imports
B. Total payments exceed visible exports
C. Visible imports exceeds visible exports
D. Invisible exports exceeds invisible imports
E. Visible exports exceeds invisible imports