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The difference between a country's imports and exports of goods in a particular year is

Commerce
JAMB 2022

The difference between a country's imports and exports of goods in a particular year is

  • A. terms of trade
  • B. terms of payment
  • C. balance of payment
  • D. balance of trade
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Correct Answer: Option C
Explanation

Balance of payment refers to the difference between a country's payment for visible and invisible exports and imports. If exports payments exceeds import payments, then it is a favorable balaace of payment and vice-versa

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts