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WAEC Commerce 1995 Question 16

Question 16

Foreign Trade

Which of the following is classified as invisible item in the balance of payments?

  1. A.Export of goods
  2. B.Import of machinery
  3. C.Gifts
  4. D.Sale of assets
  5. E.Salaries of expatriates
Show the answer and explanation

Answer: E (Salaries of expatriates)

Explanation

Salaries earned by expatriates are payments for services, which are invisible items.