Current Account Of The Balance Of Payments
Overzicht
Every country keeps a record of its dealings with the rest of the world: what it sells abroad, what it buys in, the income it earns overseas and the gifts and aid that flow back and forth. The current account of the balance of payments is the heart of that record, and whether it runs a surplus or a deficit tells you a great deal about a country's place in the world economy.
In this lesson you will learn the four components of the current account, calculate deficits and surpluses, understand why they arise, and trace their impact on GDP, employment, inflation and the exchange rate. You will also evaluate the policies a government can use to keep the account stable.
Doelstellingen
- components of the current account of the balance of payments: – trade in goods – trade in services – primary income – secondary income
- calculation of deficits and surpluses on the current account of the balance of payments and its component sections
- reasons for current account deficits and surpluses
- impact on GDP, employment, inflation and foreign exchange rate
- the range of policies available to achieve balance of payments stability and their effectiveness.
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- Which of the following is part of the trade in services on the current account? A. exports of cars B. earnings from foreign tourists C. imports of oil D. foreign aid sent abroad Answer: B
- The four components of the current account are trade in goods, trade in services, and: A. primary and secondary income B. the capital and financial accounts C. tariffs and quotas D. exports and imports only Answer: A
- A country records goods -$30bn, services +$10bn, primary income +$4bn, secondary income -$4bn. The current account is: A. a surplus of $20bn B. a deficit of $20bn C. balanced D. a deficit of $48bn Answer: B
- A current account deficit is most likely to cause the exchange rate to: A. rise B. fall C. stay fixed D. become zero Answer: B
- Foreign aid sent to another country is recorded under: A. trade in goods B. trade in services C. primary income D. secondary income Answer: D
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Aanbevolen Boeken
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Explain merchandise trade balance, current account balance, and unilateral transfers
"Principles of Economics 2e: Measuring Trade Balances" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/23-1-measuring-trade-balances. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
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Leerboekparagraaf
The Pros and Cons of Trade Deficits and Surpluses
Identify three ways in which borrowing money or running a trade deficit can result in a healthy economy
"Principles of Economics 2e: The Pros and Cons of Trade Deficits and Surpluses" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/23-5-the-pros-and-cons-of-trade-deficits-and-surpluses. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
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