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WAEC Commerce 2012 Question 4

Question 4

Foreign Trade

The relationship between all imports and exports of a country is known as

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

Answer: C (balance of payment.)

Explanation

The balance of payments records all of a country's imports and exports, visible and invisible; the balance of trade covers goods only.