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Economics Past Questions and Answers

Economics Questions

Question 3071:
Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?
  • A Construction, manufacturing and banking
  • B Shipping, trading and fishing
  • C Power, telecommunication and sports
  • D Extraction, farming and tourism
View Answer & Explanation
Question 3072:
International trade depends on the concept of?
  • A Marginal cost advantage
  • B Comparative cost disadvantages
  • C Comparative cost advantage
  • D Absolute cost
View Answer & Explanation
Question 3073:
One advantages if international trade is that
  • A Countries depend on each other
  • B It introduces variation in prices
  • C It increases demand for foreign goods
  • D It makes variety of goods available
View Answer & Explanation
Question 3074:
The practice of selling goods overseas and often below the cost of production is known as
  • A Retailing
  • B Dumping
  • C Internal trade
  • D Advertising
View Answer & Explanation
Question 3075:
A summary of all the receipts and payments of a country in international transaction is called
  • A Terms of trade
  • B Balance of payment
  • C Balance of payment adjustment
  • D Capital account
View Answer & Explanation