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Balance of payments is defined as the 

Economics
WAEC 2024

Balance of payments is defined as the 

  • A. difference between the values of visible imports and visible exports.
  • B. record of financial transactions between a country and the rest of the world.
  • C. relationship between prices of exports and prices of imports.
  • D. difference between a country's expected revenue and proposed expenditure
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Correct Answer: Option B
Explanation

B: Balance of payments shows the financial transaction between a country (both visible and invisible trades) and the rest of the world.

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