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Q.

Choose the statement as true/false:

When the value of export exceeds the value of imports, it is called a favourable balance of trade.

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a

True

b

False   

answer is A.

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Detailed Solution

The above statement is true.
When the value of export exceeds the value of imports, it is called a favourable balance of trade.
Balance of trade is calculated by deducting the entire value of manufactured items from the total value of exported goods, and the Balance of Trade is an economic indicator. This equilibrium explains the country's position in terms of trading relations with other countries. A nation has a trade surplus or a positive trade balance if its exports exceed its imports.
 
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