One of the advantages of capitalism is that

A. consumers are exploited

B. private iniatives is discouraged

C. efficient allocation of resource is assured

D. job security is assured

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

International trade depends on the concept of?

A. marginal cost advantage

B. comparative cost disadvantages

C. comparative cost advantage

D. absolute cost

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

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

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

Which of the following countries export cocoa?

A. Liberia and The Gambia

B. Ghana and Sierra Leone

C. Nigeria and Ghana

D. Sierra Leone and Nigeria

Which of the following are examples of transfer payments?

A. gifts and donations

B. rents and rates

C. profits and dividends

D. internal and external debts

ECA means

A. Economic Commission for Africa

B. Economic Community of Africa

C. Exporting Countries of Africa

D. Economic Conference on Africa