Question

Difference between the total value of exports and imports is called
option:
a.Balance of payment b.Balance of trade​

Answer 1

Answer:

b.Balance of trade

Explanation:

The difference between exports and imports is called the balance of trade. If imports are greater than exports, it is sometimes called an unfavourable balance of trade. If exports exceed imports, it is sometimes called a favourable balance of trade.

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Answer 2

Answer:

Balance of trade (BOT) is the difference between the value of a country's exports and the value of a country's imports for a given period. Balance of trade is the largest component of a country's balance of payments (BOP).