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UI Post-UTME Commerce 2024 Question 6

Question 6

Foreign Trade

The difference between the values of merchandise exports and merchandise imports is called

  1. A.Terms of trade
  2. B.Balance of trade
  3. C.Balance of payments
  4. D.Import substitutions
  5. E.Import duties
Show the answer and explanation

Answer: B (Balance of trade)

Explanation

The balance of trade is visible exports minus visible imports.