NABTEB Economics 2024 Objective — Question 44

Question 44 of 50 from the National Business and Technical Examinations Board (NABTEB) Economics 2024 Objective paper, with the correct answer and a full explanation.

Balance of payments is defined as the

A. A. difference between the values of visible imports and visible exports
B. B. record of financial transactions between a country and the rest of the worldCorrect
C. C. relationship between prices of exports and prices of imports
D. D. difference between a country's expected revenue and proposed expenditure

Explanation

The balance of payment (BOP) is the comparison of a country's visible and invisible exports with her visible and invisible imports based on their monetary values. In other words, it records the financial transactions between a country and the rest of the world i.e other countries.

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