International Trade
GCE Economics
11 International Trade practice questions covering everything you need for GCE.
Drill International Trade →Sample International Trade questions
a) Define the term 'international trade'. (2 marks) b) Explain FOUR reasons why countries engage in international trade. (8 marks) c) Distinguish between 'balance of trade' and 'balance of payments'. …
a) Explain the concept of 'comparative advantage' as a basis for international trade. (5 marks) b) Using a hypothetical example involving TWO countries and TWO commodities, illustrate how the principl…
If Nigeria exports crude oil worth ₦500 billion and imports refined petroleum products worth ₦700 billion in a given year, the balance of trade is
Country X can produce 10 units of rice or 5 units of cloth with one unit of labour, while Country Y can produce 4 units of rice or 4 units of cloth with one unit of labour. According to the principle …
A tariff imposed on imported goods is primarily intended to
Which of the following best explains the principle of comparative advantage in international trade?
The terms of trade of a country improve when
Country A has a current account surplus of $8 billion, a capital account deficit of $3 billion, and a financial account surplus of $2 billion. What is the overall balance of payments position before o…
The World Trade Organization (WTO) was established primarily to
Which of the following is NOT a non-tariff barrier to international trade?
The balance of payments of a country records