A country is said to be in _____ when the income its residents earn from exports is equal to the money its residents pay to other countries for imports.

Question

Quizplus · Accepted Answer

Balance-of-trade equilibrium refers to a situation where a country's exports equal its imports. It means that the country's international trade is in balance, and there is no surplus or deficit. This balance helps to promote economic stability and growth, as it ensures that a country is not overly reliant on either imports or exports.

A Country Is Said to Be in _____ When the Income