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JAMB Commerce 2001 Question 18

Question 18

Foreign Trade

The balance of payments of countries is

  1. A.a record of imports and exports
  2. B.a systematic record of transactions among countries at a given time
  3. C.the current and the capital accounts and their payments
  4. D.the trade relationships and payments among nations.
Show the answer and explanation

Answer: B (a systematic record of transactions among countries at a given time)

Explanation

The balance of payments is a systematic record of all economic transactions between a country and the rest of the world in a period.