| I. Those transactions arising out of exports and imports (the visible items) |
| II. It is a statistical statement of all transactions made between one particular country and all other countries during a specified period of time |
| III. This account is the summary of all international trade transactions of the domestic country in one year |
A) I & III
B) Only I
C) Only II
D) None of the above
Correct Answer: B
Solution :
Balance of trade takes into account only those transactions arising out of exports and imports of only (the visible items).
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