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*IJMB ECONOMIC*
*NUMBER 1*
```(1A)```
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. In most countries, such trade represents a significant share of gross domestic product.
*(1B)*
```(i)``` Export promotion:
Exports should be encouraged by granting various bounties to manufacturers and exporters. At the same time, imports should be discouraged by undertaking import substitution and imposing reasonable tariffs.
```(ii)``` Import:
Restrictions and Import Substitution are other measures of correcting disequilibrium.
```(iii)``` Reducing inflation:
Inflation (continuous rise in prices) discourages exports and encourages imports. Therefore, government should check inflation and lower the prices in the country.
```(iv)``` Exchange control:
Government should control foreign exchange by ordering all exporters to surrender their foreign exchange to the central bank and then ration out among licensed importers.
*NUMBER 2*
Industries and agriculture are interdependent i.e. they depend upon each other. The source of raw materials for industries comes from agriculture. For example: sugarcane for sugar industry, animal skin for leather industry, etc. Dairy industries also require raw materials that come from agriculture. Oil industries cannot run without oil seeds like mustard, sunflower, soybean, etc. which are all agricultural products. Cigarette industry cannot run without tobacco and similarly textile industries require cotton and silk. So, it is fair to say that industries cannot run without agriculture.
Similarly, agriculture is dependent upon industries. The tools required for agriculture like spade, mattock, etc. are produced in industries. They make the work easier and less time consuming and result high production. Similarly, without agro based industries, the agricultural products will go as waste. Chemical fertilizers and insecticides that are required to protect and grow plants are produced from the industries. The modern tools like tractor, harvester, etc. are also produced from industries. Industries encourage the farmers to produce more. This will help to increase the income of the farmers as well as there will never be scarcity of raw materials for industries.
*NUMBER 5*
```(1)``` Large scale production:
The use of machines which is a major part of industry leads to large scale production. Industry increases production over a period of time, especially when compared with human labour. Output is greatly increased when machines are used in production.
```(2)``` Urbanization:
Urbanization is the movement of more people from the rural areas and suburbs to the cities. It is one of the upsides of industry. It happens when people migrate from the villages to the bigger towns to seek greener pastures.
With the advent of industry in Nigeria, big cities have more advancement in basic amenities such as housing, medical care, transportation and education. For this reason, people leave their underdeveloped villages to seek a better life in these cities.
```(3)``` More productivity in less time:
The history of industrial development in Nigeria and other parts of the world shows that technological advancement came due to the need to reduce labour while simultaneously improving output in the agricultural sector.
Industrialization has since its invention helped the farmer get more work done in less time. It also helps other producers in the manufacturing sector of any economy get more work done in less time.
For example, the time it takes a tailor to sew a cloth with needle and thread is reduced to the barest, when she uses a sewing machine.
```(4)``` Rise in GDP:
Industry is beneficial to not only the individual or company; it is equally beneficial to the country as a whole. The Gross Domestic Product of any country experiences a significant rise with the introduction of industry into the economy.
```(5)``` Promotion of trade:
Advanced countries are known for being exporters of finished products, while underdeveloped countries export raw materials and are left no choice but to import finished goods.
In the global market, agricultural products (raw materials) are sold at lower prices while industrial products (processed goods) are given greater value. This is one importance of manufacturing industries in Nigeria.
*IJMB ECONOMIC*
*NUMBER 6*
```(i)``` *Terms of Trade* :Terms of trade are defined as the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive terms of trade, as for the same amount of exports, it can purchase more imports.
```(ii)``` *Balance of Payment*: The balance of payments (BOP), also known as the balance of international payments, is a statement of all transactions made between entities in one country and the rest of the world over a defined period, such as a quarter or a year.
```(iii)``` *Balance of trade* : balance of trade, the difference in value over a period of time between a country's imports and exports of goods and services, usually expressed in the unit of currency of a particular country or economic union (e.g., dollars for the United States, pounds sterling for the United Kingdom, or euros for the European Union .
```(iv)``` *Free Trade Policy* : Free trade, also called laissez-faire, a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports).
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