A country has the following items in its balance of payments: ...

[jeatrice]

Question 1

In reality the balance of payments may not balance due to
◦ The balance of payments always balances.
◦ exports not equalling imports.
◦ net trading by the Bank of England.
◦ net errors and omissions.

Question 2

A country has the following items in its balance of payments:

​	£ millions
Exports of goods	120
Imports of services	60
Income flows and current transfers from abroad	80
Imports of goods	150
Exports of services	50
Income flows and current transfers going abroad	30

Its balance on trade in goods and services is a
◦ deficit of £30m.
◦ deficit of £10m.
◦ deficit of £40m.
◦ surplus of £10.
◦ deficit of £20m.

[joshraies]

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[jeatrice]

Thanks for the timely response, appreciate it

[kilada]

Great answer, keep it coming