The difference between the output proceedings of Nigerians abroad and foreigners in Nigeria is known...
The difference between the output proceedings of Nigerians abroad and foreigners in Nigeria is known as;
- A) Net export to abroad
- B) Net import from abroad
- C) Net income from abroad
- D) Net income to abroad
Correct Answer: A) Net export to abroad
Explanation
This Economics question is asking about the difference between the output proceedings of Nigerians abroad and foreigners in Nigeria. The question is asking for the term that describes this difference.
The options given are:
Option A: Net export to abroad (Correct)
Option B: Net import from abroad
Option C: Net income from abroad
Option D: Net income to abroad
The correct answer is Option A: Net export to abroad. This term refers to the difference between the value of goods and services that Nigeria exports to other countries and the value of goods and services that Nigeria imports from other countries. When the output proceedings of Nigerians abroad are greater than the output proceedings of foreigners in Nigeria, this results in a positive net export to abroad.
It is important to note that net export is a key component of a country's balance of trade, which is the difference between a country's exports and imports of goods and services. A positive net export to abroad means that Nigeria is exporting more than it is importing, which can be beneficial for the economy.
To learn more about this, please read the relevant sections of the recommended textbooks.