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Question 2
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Name:
(i) two major export items from your country;
(ii) two major import items to your country;
(iii) two major trading partners of your country.
(b) Highlight four benefits your country derives from trading with other countries.
(c) Identify three problems encountered by your country in international trade. |
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This question was very popular with the candidates and their performance was
Good. Many of the candidates were able to list export crops like cocoa, groundnut, beneseed, hides $ skin etc. They were also able to list import items like motor vehicles, refrigerators, air-conditioners etc. They were able to state the benefits of trading with other countries like:
- fosters international co-operation;
- provision of new products;
- provision of foreign exchange;
- provision of employment;
- diffusion of ideas/innovations;
- growth of industry;
- generation of revenue to government;
- generation of income to individuals;
- encourages specialization in production.
Many of the candidates were also able to provide the problems of international trade such as:
- unstable world prices;
- inadequate capital;
- political instability;
- high cost of transportation;
- high tariff on goods;
- low demand for products;
- strained international relations;
- inadequate production of goods;
- inadequate foreign exchange;
- smuggling.
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