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WAEC Economics questions: International trade

16 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAgriculture in Nigeria · 15Business organisations · 14Economic growth and development · 15Economic systems · 13Economics as a science · 15Factors of production · 15Financial institutions · 14Industry and industrialisation · 15International economic organisations · 16International trade · 16Market structures · 15Methods and tools of economic analysis · 14Money and inflation · 17National income · 18Natural resources and the Nigerian economy · 15Population · 15Public finance · 14The labour market · 15Theory of consumer behaviour · 15Theory of costs and revenue · 16Theory of demand · 21Theory of price determination · 14Theory of production · 14Theory of supply · 16

  1. Question 1· International trade· WAEC

    International trade arises mainly because

    Explanation and discussion

  2. Question 2· International trade· WAEC

    A deficit in the balance of payments can be corrected by

    Explanation and discussion

  3. Question 3· International trade· WAEC

    The balance of trade is the difference between

    Explanation and discussion

  4. Question 4· International trade· WAEC

    Dumping means

    Explanation and discussion

  5. Question 5· International trade· WAEC

    Comparative cost advantage means a country should specialise in goods it produces at

    Explanation and discussion

  6. Question 6· International trade· WAEC

    A country should specialise in producing the goods in which it has

    Explanation and discussion

  7. Question 7· International trade· WAEC

    Devaluation of a currency is intended to

    Explanation and discussion

  8. Question 8· International trade· WAEC

    Devaluation of the naira is expected to

    Explanation and discussion

  9. Question 9· International trade· WAEC

    Nigeria places a 35% duty on imported finished textiles. This duty is

    Explanation and discussion

  10. Question 10· International trade· WAEC

    A country's terms of trade improve when

    Explanation and discussion

  11. Question 11· International trade· WAEC

    The terms of trade measure the

    Explanation and discussion

  12. Question 12· International trade· WAEC

    If the export price index is 120 and the import price index is 150, the terms of trade are

    Explanation and discussion

  13. Question 13· International trade· WAEC

    Nigeria places a tax on every imported bag of rice. This tax is

    Explanation and discussion

  14. Question 14· International trade· WAEC

    In a year, Nigeria's visible exports are worth ₦30 trillion and visible imports ₦24 trillion. The balance of trade is

    Explanation and discussion

  15. Question 15· International trade· WAEC

    Devaluation makes a country's exports

    Explanation and discussion

  16. Question 16· International trade· WAEC

    A country has a comparative advantage in a good when it can produce it at a

    Explanation and discussion

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