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      Question

      Balance of trade is the _______________.

      A Difference between export and import of services Correct Answer Incorrect Answer
      B Total export and import of services Correct Answer Incorrect Answer
      C Difference between export and import of goods Correct Answer Incorrect Answer
      D Total export and import of goods Correct Answer Incorrect Answer

      Solution

      Balance of trade refers to the difference between the value of goods (exports) a country sells to other countries and the value of goods (imports) it buys. It provides insights into a nation's trade performance in terms of tangible items.

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