International trade Revision Questions and Answers

1. Write in full the following abbreviations:
i) Franco
ii)O.N.
iii)C.W.O
iv)I.O.U
2. State any four economic benefits Kenya may derive from the recently revived East African cooperation (E.A.C)
3. Highlight four trade measures that can be undertaken by a country to correct balance of payment disequilibrium
4. Highlight four difficulties encountered in international trade
5. The following statement shows the various level of economic integration. Against this statements, give the level that suits each:

Statement Level
(a) Member countries imposes common tariffs on non-member states
(b) Member countries have joint economic institution and common monetary and fiscal policies
(c) Member countries agree to either abolish or relax tariffs and other barriers
(d) Member countries allow free movement factors of production

Statement Level
(a) Member countries imposes common tariffs on non-

member states

(b) Member countries have joint economic institution

and common monetary and fiscal policies

(c) Member countries agree to either abolish or relax

tariffs and other barriers

(d) Member countries allow free movement factors of

production

6. Outline four ways in which Kenya benefits by being a member of Common Market for East and Southern Africa States (COMESA)
7. The table below gives descriptions of some documents used in international trade complete the table, by indicating the name of the document that corresponds to each description

Description      Document
i) Requests the exporter to supply the importer  with the items indicated
ii) Acknowledges  the receipt of goods on board a ship
iii) Authorizes the bank to resell  goods being exported
iv) Gives details of exported  goods  and name of  country  of origin

8. Highlight four factor that may hinder the success of East African Co-operation (E.A.C)

32. INTERNATIONAL TRADE
1. Explain five benefits that will accrue to a country due to use of pipeline in transporting oil products
2. Explain five advantages that a country may experience from imposing trade restrictions in trading partners.
3. Explain five benefits that the Kenyan government desires to achieve by being a member of the East African Union
4. Discuss five reasons why many countries tend to prefer free trade
5. Discuss five causes of the persistent balance of payment disequilibrium in East African countries
6. Explain five measures that the Government of Kenya may take to control her persistentBalance of payment deficit
7. Explain five advantages of economic integration to a member state.

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