year 11 week 8 assessmement

Instruments used by government to reduce the volume of external trade are called?

• Trade restriction

• import substitution

• export promotion

• trade valuation

Selling goods in another country below the prices in the parent countries where they are produced are called?

• Dumping

• reselling

• quota

• tariff

A permit that allows importers to bring a certain quantity of foreign goods into a country is called?

• import quota

• tariff

• import license

• embargo

an outright ban on the importation of some certain goods into a country is called

• embargo

• tariff

• dumping

• trade ban

One of the following is a reason for restricting trade in Nigeria

• to protect enfant industries

• buying and selling of goods

• export of crude implements

• to reduce balance of payment surplus

The rate at which a country's export exchanges for its import is called?

• balance of trade

• balance of payment

• terms of trade

• trade reconciliation

The comparative cost advantage theory was propounded by

• David Ricardo

• Adam smith

• Lionel robbins

• Shwn mendes

• a situation in which the government of a country takes over the importation of certain goods which are only essential to a country is called

• import license

• import monopoly

• foreign exchange control

• embargo

the imposition of quantity of goods that can be brought into a country at a particular time is called

• import quota

• import license

• import substitution

• import monopoly

an inflation caused by increase in the cost of factors of production is called

• creeping

• galloping

• cost push

• demand pull