The current account

The UK is an "open" economy. This means

• It is easy to migrate to the UK as a refugee

• We are open to new ideas on inventions and innovations

• X+M is a high percentage of GDP

• We are a deregulated economy and it is easy to set up a new business

The current account measures

• How many raisins fit onto a teaspoon

• The volume of international trade that takes place in a nation

• The value of international trade that takes place in a nation

• The flow of money across borders for trade, investment income and transfer income

When the UK buys a fleet of new aircraft from the USA this is recorded as

• Visible trade

• Invisible trade

When UK citizens buy tickets to fly on USA airlines this is recorded as

• Visible trade

• Invisible trade

UK international trade in goods is in

• Deficit

• Surplus

UK international trade in services is in

• Deficit

• Surplus

Our overall trade in both goods and services is called

• The balance of trade

• The current account balance

• The financial balance

• The balance of payments

The UK balance of trade is in

• Deficit

• Surplus

The primary income section of the current account consists of DRIP payments. DRIP refers to

• Dividends, rent, income and profits

• Dividends, rent, interest and profits

• Dividends, real income and profits

• Dividends, royalties, investment and profits

The main form of transfer income between nations is

• Illegal transfers from black market activity

• Membership fees for international organisations e.g. EU, WTO, IMF

• Foreign aid

• Remittances