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WAEC Commerce 1996 Question 2

Question 2

Foreign Trade

The difference between the total amount of money received by a country and the total amount paid to other countries within a given period is the

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

Answer: C (balance of payments)

Explanation

The balance of payments compares all money received from and paid to other countries, for goods, services and capital.