In terms of economy, the visit by foreign nationals to witness the XIX Common Wealth Games in India amounted t

Question

In terms of economy, the visit by foreign nationals to witness the XIX Common Wealth Games in India amounted to

Accepted Answer

The correct answer is Export because of how international trade in services is defined in national accounting. When foreign nationals visit a country, they use foreign currency to purchase local goods and services such as hotels, transport, food, and tickets. Since this results in an inflow of foreign exchange into the domestic economy in exchange for local services, it is classified as an invisible export of services. In economic terms, an export occurs when a domestic product or service is consumed by a non resident, regardless of whether the transaction happens abroad or within the home country.

Answer

Export

Answer

Import

Answer

Production

Answer

Consumption

In terms of economy, the visit by foreign nationals to witness the XIX Common Wealth Games in India amounted to

Explanation

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