Choose the given statement as true/false:

Britain's trade surplus in India did not help to pay the so-called home charges.

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True

False

answer is B.

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Detailed Solution

The above statement is false;
A trade surplus is the difference between the value of a nation's exports and the cost of its imports or put when a nation's exports exceed its imports. More British goods were exported from Britain to India than were imported from India. With India, Britain had a trade surplus. With other nations from which Britain was importing more than it was exporting, Britain used this surplus to make up for its trade deficits. The so-called home charges, which comprised private remittances home by British officials and traders, interest payments on India's external debt, and pensions for British officials in India, were also partially covered by Britain's trade surplus with India.
The correct statement would be Britain's trade surplus in India helps to pay the so-called home charges.

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