Which of the following is defined as the difference in value of a country's exports and imports over a period of time?
A) federal deficit
B) federal surplus
C) balance of trade
D) balance of exchange

Question

Quizplus · Accepted Answer

Balance of trade is the difference in value between a country's exports and imports. A federal deficit is the difference between the government's spending and revenue. A federal surplus is the excess of government revenue over spending. Balance of exchange is not a commonly used economic term.

Which of the Following Is Defined as the Difference in Value