1. Differentiate between import trade and export trade.

2. State four ways each by which government can

   • restrict imports.
   • promote exports

OBSERVATION

Some of the answers expected from the candidates were as follows:
Ways by which government can restrict imports

1. Total ban on the importation of goods and services.
2. Introduction of import license.
3. Reduction in amount of foreign exchange available for importers.
4. Imposition of tariffs/duties on imported goods etc.

Ways by which government can  promote exports

• Introduction of export incentives loans and subsidies.
• Creation of free export processing zones.
• Establishment of export promotion councils by government to assist exporters.
• Government may reduce or remove taxes on export items etc.