JAMB - Economics (1981 - No. 32)
When a nation’s exports are greater than its imports
The net foreign trade is zero
an unfavourable balance of payment exist
A favourable balance of payment exists
An un favourable balance of trade exist
A favourable balance of trade exists
Explanation
When a nation's exports are greater than its imports, it is said to have a favorable balance of trade, indicating that it is selling more to other countries than it is buying from them.
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