What is the difference between the balance of trade and the balance of payments? Multiple Choice The balance of trade is only part of the balance of payments. The balance of payments is only part of the balance trade.

What is the difference between the balance of trade and the balance of payments? Multiple Choice The balance of trade is only part of the balance of payments. The balance of payments is only part of the balance trade.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter23: The International Trade And Capital Flows

Section: Chapter Questions

Problem 43P: In 2001, the United Kingdoms economy exported goods worth 192 billion and services worth another 77...

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Question

What is the difference between the balance of trade and the balance of payments?
Multiple Choice
O
The balance of trade is only part of the balance of payments.
The balance of payments is only part of the balance of trade.
The two are different parts of the balance of merchandise accounts.
The two are different parts of the balance of financial and capital accounts.

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