WAEC Commerce 2012 Objective — Question 4
Question 4 of 50 from the West African Examinations Council (WAEC) Commerce 2012 Objective paper, with the correct answer and a full explanation.
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The relationship between all imports and exports of a country is known as
- A. terms of trade
- B. balance of tradeCorrect
- C. balance of payment
- D. terms of payment
Explanation
Balance of trade is defined as the difference in value between a country's imports and exports.
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