CUET Preparation Today
Which of the following statement is incorrect in the context of international trade? |
Balance of trade records the volume of goods and services imported as well as exported by a country to other countries. Balance of trade records the volume of goods imported as well as exported by a country to other countries. If the value of imports is more than the value of a country’s exports, the country has negative or unfavourable balance of trade. If the value of exports is more than the value of imports, then the country has a positive or favourable balance of trade. |
Balance of trade records the volume of goods imported as well as exported by a country to other countries. |
The correct answer is option 2: Balance of trade records the volume of goods imported as well as exported by a country to other countries. Option 2: Balance of trade records the volume of goods imported as well as exported by a country to other countries. This statement is incorrect because it includes both goods and services. NCERT: Balance of trade records the volume of goods and services imported as well as exported by a country to other countries. If the value of imports is more than the value of a countrys exports, the country has negative or unfavourable balance of trade. If the value of exports is more than the value of imports, then the country has a positive or favourable balance of trade. |
