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WAEC Economics 1999 Question 40

Question 40

Balance of Payments and Exchange Rates

Balance of trade is defined as the relation between

  1. A.invisible imports and exports
  2. B.visible and insivisble exports
  3. C.imports and exports of services
  4. D.visible exports and visible imports
Show the answer and explanation

Answer: D (visible exports and visible imports)

Explanation

Balance of trade compares visible exports with visible imports.