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      Question

      Which of the following defines the concept of Balance of

      Payments most appropriately?
      A It records the transactions in goods, services, and assets between residents of a country with the rest of the world for a specified time period. Correct Answer Incorrect Answer
      B It records the transactions in goods, services, and assets between citizens of a country with the rest of the world for a specified time period. Correct Answer Incorrect Answer
      C It records exports and imports in goods and services and transfer payments. Correct Answer Incorrect Answer
      D It records the net export levels of goods and services and transfer payments. Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      It records the transactions in goods, services and assets between residents of a country with the rest of the world for a specified time period typically a year There are two main accounts in the BoP – the current account and the capital account. The current account records exports and imports in goods and services and transfer payments.

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