Open Economy Macroeconomics Quiz
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1. What is the balance of payments?
A record of all economic transactions · A measure of national income · A tool for fiscal policy · A method of calculating GDP
2. Which component is NOT part of the current account?
Exports of goods and services · Income receipts · Capital transfers · Imports of goods and services
3. What does the capital account record?
Trade in goods and services · Financial transactions · Government spending · Inflation rates
4. What is a trade surplus?
Exports exceed imports · Imports exceed exports · Equal exports and imports · High inflation
5. Which of the following is an example of a financial account transaction?
Buying foreign stocks · Importing machinery · Exporting textiles · Receiving foreign aid
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