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WAEC Commerce 2020 Question 18

Question 18

Foreign Trade

The difference between a country's imports and exports of goods in a particular year is

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

Answer: D (balance of trade.)

Explanation

The balance of trade compares a country's visible (goods) exports and imports.