ECONOMICS
BALANCE OF PAYMENTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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current account
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financial/capital account
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official reserves
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None of the above
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Detailed explanation-1: -The balance of payments (BOP) transactions consist of imports and exports of goods, services, and capital, as well as transfer payments, such as foreign aid and remittances.
Detailed explanation-2: -The balance of payment is a systematic record of all the exports and imports or the transactions that take place between the country and the foreign countries during a given period of time. It includes the purchase and sales of goods and services, unilateral transfers and capital transactions.
Detailed explanation-3: -The Balance of Payments (BOP) is a statistical statement that systematically summarises, over a given period of time, all the transactions of an economy with the rest of the world. The BOP records all economic transactions undertaken between the residents and non-residents of a country during a given period.
Detailed explanation-4: -The balance of payments (BOP) is the record of all international financial transactions made by the residents of a country.