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WAEC Commerce 1991 (August) Question 100

Question 100

Foreign Trade

The relationship between a country's total receipts and payments in international trade in a given year is called

  1. A.balance of trade
  2. B.balance of payments
  3. C.terms of trade
  4. D.balance of current account
  5. E.balance on capital account
Show the answer and explanation

Answer: B (balance of payments)

Explanation

The balance of payments compares all receipts from and payments to other countries.