WAEC Economics 2024 Objective — Question 44

Question 44 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.

44. Balance of payments is defined as the

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

Explanation

The balance of payments records the financial transactions (both visible and invisible trade) between a country and the rest of the world.

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