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Which of the following best defines the balance of trade?

Select the correct answer below:

A. The gap between a nation's dollar value of its exports and a nation's dollar value of imports

B. The difference in GDP between two nations

C. How willing a nation is to trade with the international community

D. All of the above



Answer :

GinnyAnswer

Final answer:

The balance of trade is the difference between a nation's exports and imports, leading to either a trade surplus, deficit, or a balanced trade.


Explanation:

The balance of trade (or trade balance) is defined as the gap between a nation's dollar value of its exports and imports. If a nation's exports exceed its imports, it has a trade surplus; if imports exceed exports, it has a trade deficit. When exports and imports are equal, trade is considered balanced.


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