Foreign Sector — Practice Quiz
Telangana Open School (TOSS) · Class 12 · Economics
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Quick Quiz: Foreign Sector
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What does the foreign sector primarily involve?
Which of the following best describes Balance of Trade?
When a country's exports exceed its imports, it has:
What is another name for visible trade?
Sample Questions
Balance of Payments always balances itself.
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True
The Balance of Payments is a complete record of all transactions, so debits and credits always balance when errors and omissions are accounted for.
Which of the following is included in the Current Account of BOP?
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Exports of goods and services
The Current Account includes trade in goods, services, income, and transfers.
International trade allows countries to specialize based on:
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Factor endowment and specialization
Countries specialize in producing goods they can make efficiently due to natural resources or skills.
Which of these is a benefit of international trade?
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Leads to better standard of living
International trade provides access to a wider variety of goods and services, improving living standards.
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