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JAMB Economics 1979 Question 22

Question 22

Balance of Payments and Exchange Rates

The total value of goods and services sold and bought by a country across its border during a given period, usually a year, is known as

  1. A.visible trade
  2. B.invisible trade
  3. C.balance of payments
  4. D.balance of trade
  5. E.terms of trade.
Show the answer and explanation

Answer: C (balance of payments)

Explanation

The balance of payments records all of a country's dealings in goods and services (and capital) with the rest of the world; the balance of trade covers goods only.