WAEC - Economics (2024 - No. 44)

Balance of payments is defined as the

difference between the values of visible imports and visible exports.

record of financial transactions between a country and the rest of the world.

relationship between prices of exports and prices of imports.

difference between a country's expected revenue and proposed expenditure

B: Balance of payments shows the financial transaction between a country (both visible and invisible trades) and the rest of the world.