ZIMSEC questions under international trade

Here are some ZIMSEC-style questions related to international trade:

1. Define international trade.

   • Explain its significance in the global economy.

2. What is comparative advantage?

   • Discuss how it affects trade patterns between countries.

3. List and explain three benefits of international trade.

   • Provide examples for each benefit.

4. What are trade barriers?

   • Describe the different types of trade barriers and their impact on international trade.

5. Explain the concept of balance of payments.

   • What are the components of the balance of payments?

6. Discuss the role of exchange rates in international trade.

   • How do fluctuations in exchange rates affect exports and imports?

7. What is a tariff?

   • Analyze its effects on domestic industries and consumers.

8. Explain the term "trade deficit."

   • What are the potential consequences of a trade deficit for a country?

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