A country's transactions with the rest of the world are recorded in the ?
Correct answer: C. balance of payments
- A. balance of international indebtedness
- B. balance of financial transactions
- C. balance of payments
- D. income statements
Explanation
The balance of payments is the systematic record of a country's economic transactions with the rest of the world during a specified period. A balance of indebtedness instead records the stock of external assets and liabilities.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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