Find the incorrect option:a)Export and import are the components of trade.b)The balance of trade of a country is the addition of its export and import.c)When the value of exports exceeds the value of imports, it is called a favourable balance of trade.d)On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade.Correct answer is option 'B'. Can you explain this answer?

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Find the incorrect option:

a)
Export and import are the components of trade.
b)
The balance of trade of a country is the addition of its export and import.
c)
When the value of exports exceeds the value of imports, it is called a favourable balance of trade.
d)
On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade.

Correct answer is option 'B'. Can you explain this answer?

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Find the incorrect option:a)Export and import are the components of t...

Balance of trade (BOT) is the difference between the value of a country's exports and the value of a country's imports for a given period. The balance of trade is also referred to as the trade balance, the international trade balance, commercial balance, or the net exports.

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Find the incorrect option:a)Export and import are the components of t...

Explanation:

The correct answer is option B: "The balance of trade of a country is the addition of its export and import."

Explanation:

The statement in option B is incorrect because the balance of trade of a country is not the addition of its exports and imports. The balance of trade is actually the difference between the value of a country's exports and the value of its imports.

Components of Trade:
- Export: Export refers to the process of selling goods and services produced in one country to another country. It involves sending goods and services across borders to be sold in foreign markets.
- Import: Import refers to the process of buying goods and services produced in another country for use or resale in one's own country.

Balance of Trade:
- The balance of trade is a key indicator of a country's economic performance in international trade.
- It is calculated by subtracting the value of imports from the value of exports.
- If the value of a country's exports exceeds the value of its imports, it is said to have a favorable balance of trade or a trade surplus.
- On the contrary, if the value of a country's imports exceeds the value of its exports, it is said to have an unfavorable balance of trade or a trade deficit.

Example:
- Let's consider a hypothetical country called XYZ. If XYZ exports goods and services worth $100 million and imports goods and services worth $80 million, the balance of trade for XYZ would be $100 million - $80 million = $20 million, which indicates a favorable balance of trade.

Conclusion:
In summary, option B is incorrect because the balance of trade is not the addition of exports and imports, but rather the difference between the two.

Answered by Dr Manju Sen · View profile

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Read the source given below and answer the questions that follows:The exchange of goods among people, states and countries is referred to as trade. The market is the place where such exchanges take place. Trade between two countries is called international trade. It may take place through sea, air or land routes. While local trade is carried in cities, towns and villages, state level trade is carried between two or more states. Advancement of international trade of a country is an index to its economic prosperity. It is, therefore, considered the economic barometer for a country. As the resources are space bound, no country can survive without international trade. Export and import are the components of trade. The balance of trade of a country is the difference between its export and import. When the value of exports exceeds the value of imports, it is called a favourable balance of trade. On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade. India has trade relations with all the major trading blocks and all geographical regions of the world. Among the world, the commodities exported from India to other countries include gems and jewellery, chemicals and related products, agriculture and allied products, etc. The commodities imported to India include petroleum crude and products, gems and jewellery, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products. India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.Answer the following MCQs by choosing the most appropriate option.Q. What is trade between two countries called and how does it takes place?

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Read the source given below and answer the questions that follows:The exchange of goods among people, states and countries is referred to as trade. The market is the place where such exchanges take place. Trade between two countries is called international trade. It may take place through sea, air or land routes. While local trade is carried in cities, towns and villages, state level trade is carried between two or more states. Advancement of international trade of a country is an index to its economic prosperity. It is, therefore, considered the economic barometer for a country. As the resources are space bound, no country can survive without international trade. Export and import are the components of trade. The balance of trade of a country is the difference between its export and import. When the value of exports exceeds the value of imports, it is called a favourable balance of trade. On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade. India has trade relations with all the major trading blocks and all geographical regions of the world. Among the world, the commodities exported from India to other countries include gems and jewellery, chemicals and related products, agriculture and allied products, etc. The commodities imported to India include petroleum crude and products, gems and jewellery, chemicals and related products, base metals, electronic items, machinery, agriculture and allied products. India has emerged as a software giant at the international level and it is earning large foreign exchange through the export of information technology.Answer the following MCQs by choosing the most appropriate option.Q. Export and import are the components of

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Find the incorrect option:a)Export and import are the components of trade.b)The balance of trade of a country is the addition of its export and import.c)When the value of exports exceeds the value of imports, it is called a favourable balance of trade.d)On the contrary, if the value of imports exceeds the value of exports, it is termed as an unfavourable balance of trade.Correct answer is option 'B'. Can you explain this answer?

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