Question 1
When a country's exports of goods are less than its imports of goods in a given period, it has a
◦ trade deficit.
◦ capital account deficit.
◦ trade surplus.
◦ current account surplus.
Question 2
The balance of payments is divided into two major accounts, the
◦ current account and the trade account.
◦ current account and the capital account.
◦ current account and the reserve account.
◦ trade account and the capital account.