A country's balance of trade of -$20 million shows that its
COMMERCE
WAEC 2021
A country's balance of trade of -$20 million shows that its
- A. import volume is greater than export
- B. import and export volumes are equal
- C. export volume is greater than imports
- D. exports are mainly primary products
Correct Answer: A. import volume is greater than export
Explanation
The minus (-) sign behind the amount depicts a negative balance. This means the country is giving out more than it is receiving in payment. Simply put, the country's imports exceed its exports by the sum of $20 million.
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