Multiple choice

What is the difference between export and import of services called?

  1. Balance of trade

  2. Balance of capital account

  3. Balance of current account

  4. Balance of invisible

  5. Balance of payments
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The balance of trade is the official term for net exports that make up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.

Keep practicing — related questions