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91.
By ‘trade by barter’, we mean
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A.
Trade done by people in the villages
B.
Exchange of goods for money
C.
International trade
D.
Exchange of goods for goods
E.
The trade of the Middle Ages

92.
Gains from trade depends on
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A.
Comparative advantage
B.
Absolute advantage
C.
Distributive cost advantage
D.
Absolute cost advantage
E.
None of the above

93.
International and inter-regional trade differ primarily because
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A.
Comparative advantage is relevant to the former but not to the latter
B.
Products flow easily within regions of a country
C.
There are different resource supplies among countries of the world
D.
Of regulations from GATT
E.
None of the above

94.
Surplus in the balance of payments lead to
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A.
Inflation or increasing prices generally
B.
Increase in foreign reserves
C.
Decrease in foreign reserves
D.
Government budget surplus
E.
None of the above

95.
The expression ‘Terms of Trade’ is used to describe
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A.
The quality of exports
B.
The direction of foreign trade
C.
Terms of purchase on deferred payment basis
D.
The rate at which exports exchange for imports
E.
Import licensing

96.
The quantity of a currency that exchanges for a unit of another currency is called its
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A.
exchange value
B.
barter value
C.
exchange rate
D.
market price
E.
unit price

97.
Under a system of freely floating exchange rates, an increase in the international value of a country’s currency will cause
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A.
its exports to rise
B.
its imports to rise
C.
gold to flow into that country
D.
its currency to be in surplus
E.
devaluation

98.
When a currency loses its value due to a government action to fix the quantity of the currency that exchanges for another currency, there is
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A.
devaluation
B.
depreciation
C.
inflation
D.
fiscal deficit
E.
none of the above

99.
Which of the following items in the Balance of Payments Account is an invisible transaction?
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A.
Imports of cars
B.
Export of cocoa
C.
Export of crude petroleum
D.
Tourism
E.
Import of building materials

100.
A major trading problems facing ECOWAS is
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A.
The absence of common currency
B.
Political instability
C.
High poverty level
D.
Non-implementation of decisions
E.
Trade-related political crisis in Ivory coast

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