ECONOMICS
BALANCE OF PAYMENTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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between residents of the country and residents of rest of the world
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within a country
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involving imports and exports of services
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where physical goods are transferred across international boundaries
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Detailed explanation-1: -balance of payments, systematic record of all economic transactions between residents of one country and residents of other countries (including the governments). The transactions are presented in the form of double-entry bookkeeping.
Detailed explanation-2: -Balance of payments is a systematic record of all the economic transactions between one country and rest of the world.
Detailed explanation-3: -Balance of Payment (BoP) of a country can be defined as a systematic statement of all economic transactions of a country with the rest of the world during a specific period usually one year. It indicates whether the country has a surplus or a deficit in trade.
Detailed explanation-4: -Balance Of Payment (BOP) is a statement that records all the monetary transactions made between residents of a country and the rest of the world during any given period.