The difference between the total amount of money received by a country and the total amount paid to other countries within a given period is the

Assessment: WAEC SSCE - Commerce - 1996 (Objective) Subject: Commerce

Question 1 Report

The difference between the total amount of money received by a country and the total amount paid to other countries within a given period is the
Answer Details
The difference between the total amount of money received by a country from its exports and the total amount paid to other countries for imports within a given period is known as the balance of trade. However, the question is asking about the difference between the total amount of money received and paid by a country for all economic transactions, including imports and exports, within a given period. This is known as the balance of payments. Therefore, the answer is "balance of payments".
Read lesson note on Trade (WAEC)
Read lesson note on Production (JAMB)
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