Economics · Economy
Consider the following statements regarding international trade components: Statement X: Balance of trade records the export and import of visible goods only. Statement Y: Balance of payments is a broader concept that comprises the balance of trade. Which of the following options is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both X and Y are correct✓
- 2Both X and Y are incorrect
- 3Only Y is correct
- 4Only X is correct
Correct answer
Both X and Y are correct
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