What is called the difference in the money value between exports and imports during the specific period of time ?
Correct answer: D. Balance of trade
- A. Balance of payment
- B. Balance sheet
- C. Terms of trade
- D. Balance of trade
Explanation
The balance of trade is the difference between the value of a country’s exports and imports of goods over a specified period. The balance of payments is broader because it also includes services, income and financial transactions.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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