Which of the following factors affects /affect the Balance of Trade (BoT)?
1. Cost of production
2. Availability of raw materials
3. Exchange rate
Select the correct answer using the code given below:
1 only
2 and 3 only
1 and 2 only
1, 2 and 3
The Balance of Trade (BoT) is the difference between the value of a country's imports and exports for a given period. The Balance of Trade is the largest component of a country's Balance of Payments. Economists use the BoT to measure the relative strength of a country's economy. The Balance of Trade is also referred to as the trade balance or the international trade balance.
Following are the main factors which affect BoT:
(i) Cost of production
(ii) Availability of raw materials
(iii) Exchange rate
(iv) Prices of goods manufactured at home
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