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JAMB Commerce 2010 Question 13

Question 13

Foreign Trade

The comparison of a country's visible and invisible exports and imports expressed in monetary term is

  1. A.balance of payment
  2. B.terms of trade
  3. C.balance of trade.
  4. D.terms of payment.
Show the answer and explanation

Answer: A (balance of payment)

Explanation

Balance of trade covers goods only. Once services (invisibles) are included, the record is the balance of payments.