Which of the following is referred by the phrase trade balance ?
Correct answer: B. Difference between imports and exports
- A. Income from export
- B. Difference between imports and exports
- C. Income from imports
- D. All of them
Explanation
The trade balance measures the difference between the value of a country’s exports and imports, usually expressed as exports minus imports. It records merchandise trade rather than income from either exports or imports.
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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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