Balance Of Payments And Exchange Rate — Practice Quiz
ICSE · Class 12 · Economics
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Quick Quiz: Balance Of Payments And Exchange Rate
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What is the best definition of Balance of Payments (BOP)?
Balance of Trade refers to the difference between the value of total imports and exports of which items?
Which statement about the trade account is correct?
Which type of Balance of Trade occurs when exports of goods exceed imports of goods?
Sample Questions
Which three features define Balance of Payments?
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Systematic record, Components of current and capital account, Flow concept
BOP has three defining features: it is a systematic record, it has current and capital account components, and it is a flow concept.
Which items are classified as visible items of trade?
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Export of goods, Import of goods
Visible items of trade are exports and imports of goods, because goods can be seen and recorded at customs.
Which account records imports and exports of goods and services and unilateral transfers?
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Current Account
The current account records goods, services, and unilateral transfers.
Current account transactions are also called what?
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Account of actual transactions
Current account is called the account of actual transactions because the items are actually transacted.
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