Which of the Following Best Defines Balance of Trade

question 34

Multiple Choice

Which of the following best defines balance of trade?

• A) Purchasing products in other countries and bringing them into one's own country
• B) The total value of a nation's exports minus the total value of its imports over some period of time
• C) The total flow of money into the country minus the total flow of money out of the country over some period of time
• D) The ability to specialise in the production of a specific product and trade it for other needed products
• E) The ability to produce a certain product more efficiently than any other nation

---

Definitions:

Collusion

An illegal agreement between parties to deceive or defraud others, often involving price-fixing or the manipulation of markets.

Segregation of Duties

A key internal control that aims to reduce the risk of fraud and error by dividing responsibilities among different people or departments.

Employee

An individual who works part-time or full-time for another person or company in exchange for salary or wages.

Internal Control System

A process implemented by a company to provide reasonable assurance regarding the achievement of objectives related to operations, reporting, and compliance.