Practicing Success
When do we call the balance of payment adverse? |
When exports are more than imports. When imports are equal to exports. When imports are more than exports. 1 and 3 |
When imports are more than exports. |
India faced serious food shortages during the 1950s and 1960s. The major item of import at that time was food grain, capital goods, machinery and equipment. The balance of payment was adverse as imports were more than export in spite of all the efforts of import substitution. |