WAEC - Economics (2010 - No. 45)
A country's balance of payment is deficit when
a country's payment for imports of visible goods are greater than her receipts from exports of visible goods
the total receipts from her exports of visible and invisible goods are greater than her payments for visible and invisible imports
it can record a surplus on current account of her balance of payment accounts
the total payment for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods
Explicació
A balance of payments deficit means the country imports more goods, services, and capital than they export. These goods and services could be visible or invisible.