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WAEC Commerce 1997 Question 50

Question 50

Foreign Trade

The difference between the total amount owed to a country and the total amount owed by it is

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

Answer: E (balance of payments)

Explanation

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