WAEC Commerce 2020 Objective — Question 18

Question 18 of 50 from the West African Examinations Council (WAEC) Commerce 2020 Objective paper, with the correct answer and a full explanation.

The difference between a country's imports and exports of goods in a particular year is

A. terms of trade
B. terms of payment
C. balance of payment
D. balance of tradeCorrect

Explanation

Balance of trade is the difference between a country's tangible import and export while balance of payment is the difference between total visible and invisible trade of import and export of a country.

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