In the balance of payments travels and tourism are included in the category of ?
Correct answer: D. services account
- A. unilateral transfers
- B. capital account
- C. merchandise account
- D. services account
Explanation
Travel and tourism are services purchased or supplied internationally, not physical merchandise. They are therefore recorded under the services account of the balance of payments.
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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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