
Ch27 Balance of Payments
Flashcard
•
Social Studies
•
11th Grade
•
Hard
Chloe Zhang
FREE Resource
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7 questions
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1.
FLASHCARD QUESTION
Front
What is the balance of payments?
Back
A record of a country’s economic transactions with the rest of the world over one year.
2.
FLASHCARD QUESTION
Front
What are the main components of the balance of payments?
Back
Current account, capital account, financial account, net errors and omissions.
3.
FLASHCARD QUESTION
Front
What are the four parts of the current account?
Back
1. Trade in goods – exports and imports of goods [visibles]. 2. Trade in services – exports and imports of services [invisibles]. 3. Primary income – profits, interest and dividends earned on direct investment abroad and foreign earnings on investment in the country; includes workers’ remittances. 4. Secondary income – payments made and receipts received for which there is no exchange of an actual good or service.
4.
FLASHCARD QUESTION
Front
What is the balance of trade in goods and services?
Back
The difference in the value of exports and imports of goods and services.
5.
FLASHCARD QUESTION
Front
How is the current account balance calculated?
Back
The balance of trade in goods and services plus net investment income from overseas assets and net transfers.
6.
FLASHCARD QUESTION
Front
When is there a balance in the current account of the balance of payments?
Back
When total payments are about the same as total receipts.
7.
FLASHCARD QUESTION
Front
What indicates an imbalance in the current account?
Back
A clear deficit or surplus between total payments and total receipts, likely requiring some form of government response.
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