The Economic Commission for Africa is an agency of the
Organization of African Unity
African Development Banks
European Union
United Nation Organization
Correct answer is D
Economic Commission for Africa is an agency of the United Nations Organization. It was established in 1958 by the United Nations Economic and Social Council to encourage economic cooperation among its member states following a recommendation of the United Nations General Assembly.
Balance of payment surplus implies that the value of the country’s
Exports exceeds its imports
Imports exceed its exports
Exports is equal to its imports
Terms of trade is constant
Correct answer is A
Balance of payment surplus means that a country's value of exports exceeds the value of its imports.
Invisible trade refers to trade in
Services
Goods and services
Tangible goods
Crude oil
Correct answer is A
Invisible trade involves the export and import of physically intangible items such as services. It involves Customer service outsourcing, overseas banking transactions, and the medical tourism industry.
Trades among nations is desirable because
Enables people in a country to know those in other countries
Makes it possible for people in a country to enjoy the goods and services produced in other countries
Enables residents in country a to understand the language of residents of other countries
Makes it possible for a country to have the currencies of other countries
Correct answer is B
Countries engage in international trade so that they can enjoy the goods and services produced in other countries.
An important feature of economic development is
Population explosion
Reduction in exports
High literacy level
Low exports
Correct answer is C
Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life expectancy, and health care.