Problems Of Balance Of Trade And Balance Of Payments Jamb Economics Past Questions
Question 1
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
- A. dumping
- B. counter trade
- C. bilateral trade
- D. trade liberalization
Question 2
Crude petroleum is a good example of a
- A. lasting asset
- B. wasting asset
- C. synthetic product
- D. costless resources
Question 3
When the importation of a commodity is limited to a definite quantity, the trade control means used is known as
- A. exchange control
- B. tax relief
- C. devaluation
- D. quotas
Question 4
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
- A. Dumping
- B. Counter-trade
- C. Bilateral trade
- D. Trade liberalization
Question 5
When a nation is experiencing balance of payment surplus, it is in a better position to?
- A. increase its foreign exchange reserves
- B. increase its liabilities to foreigners
- C. reduce its foreign exchange reserves
- D. devalue its national currency
