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WAEC Economics 1995 Question 34

Question 34

Balance of Payments and Exchange Rates

Balance of trade can be defined as

  1. A.the value of imports in relation to the value of a country's exports
  2. B.the price ratio of imports as against that of exports
  3. C.equality in the total receipts and payments of a country in a year
  4. D.percentage value of imports over percentage value of exports
  5. E.prices of exports versus prices of imports
Show the answer and explanation

Answer: A (the value of imports in relation to the value of a country's exports)

Explanation

Balance of trade compares the value of visible exports with the value of visible imports.