18. The difference between a country's imports and exports of goods in a particular year is _______
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 trade
EXPLANATION:
What is the difference between Balance of trade and Terms of Trade?
Dont get it confused!
Balance of trade (BOT) is the difference between the monetary value of a country's exports and the value of a country's imports for a given period. Balance of trade is the largest
The balance of trade is also referred to as the trade balance, the international trade balance, commercial balance, or the net exports.
While
Terms of trade (TOT) represent the ratio between a country's export prices and its import prices.
That is, it tends to determine how many units of exports are required to purchase a single unit of imports. The ratio is calculated by dividing the price of the exports by the price of the imports and multiplying the result by 100.
Have you seen the difference? 😄 😄
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