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JAMB Economics 2004 Question 31

Question 31

Balance of Payments and Exchange Rates

The difference between payments and receipts for visible trade is called

  1. A.bilateral trade
  2. B.current balance
  3. C.balance of payments
  4. D.balance of trade
Show the answer and explanation

Answer: D (balance of trade)

Explanation

The balance of trade compares a country's earnings from visible exports with its payments for visible imports.