Terms of trade is used to describe

A. the quality of exports

B. the direction of foreign trades

C. purchases on deferred payment basis

D. the rate at which exports exchange for imports

A nation's net export is negative when her

A. stock of goods is declining

B. depreciation exceeds investment

C. exports is adjusted upwards

D. imports exceeds exports

Deficit in the balance of payment is financed through

A. capital account

B. current account

C. invisible trade

D. visible trade

Devaluation of a currency in a country is likely to lead to

A. increasing population

B. increasing imports

C. exports becoming cheaper

D. reduced exports

Which of the following is not a benefit derived by Nigeria from the petroleum industry?

A. increased foreign exchange earning

B. establishment of refineries and petrochemical industries

C. employment of a greater proportion of the population

D. development of airports, seaports and other social infracstructures

Gross Domestic Product (GDP) at market price plus net factor income from abroad gives

A. gross capital formation

B. net capital formation

C. disposable income

D. gross national product

An economic system in which the state owns and controls the means of production is known as

A. socialist economy

B. Mixed economy

C. Capitalist economy

D. welfare economy