Question : The difference in the value of visible exports and visible imports is called :
Option 1: Balance Sheet of items
Option 2: Balance of Payments
Option 3: Balance of Trade
Option 4: Balance of Account
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Correct Answer: Balance of Trade
Solution : The correc option is balance of trade.
The "Balance of Trade" is the gap in value between a country's goods sent out (exports) and those brought in (imports) during a specific period, usually a year. A surplus occurs when a country exports more than it imports, while a deficit happens when it imports more than it exports.
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