Balance of trade and balance of payment. - SS1 Commerce Past Questions and Answers - page 1
1
What does the balance of trade specifically focus on?
A
All economic transactions between countries
B
Trade in goods between countries
C
Trade in services between countries
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2
Which component of the balance of payments includes income flows and trade in goods and services?
A
Current account
B
Capital account
C
Financial account
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3
What does a trade surplus indicate?
A
Imports exceed exports
B
Exports exceed imports
C
The balance of trade is zero
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4
What does the balance of payments include that the balance of trade does not?
A
Trade in goods only
B
Income flows and financial transfers
C
Financial investments only
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5
Explain the meaning of a trade deficit in the balance of trade.
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6
Describe one component of the balance of payments other than the current account or the capital account.
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