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WAEC Commerce 1992 Question 44

Question 44

Foreign Trade

The difference between the value of imports and exports of goods for a particular year is known as

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

Answer: C (balance of trade)

Explanation

Balance of trade compares the values of goods (visible items) exported and imported in a year.