NECO Economics 2024 Objective — Question 44

Question 44 of 50 from the National Examinations Council (NECO) 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.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Economics 2024 Objective More Economics past papers