Economic policy objectives (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
ShowHide
Practise the questions
12 questions from this quiz
What does the Balance of Payments record?
What does the Balance of Payments record?
Transactions between a country & the world
Over what period is the Balance of Payments typically recorded?
Over what period is the Balance of Payments typically recorded?
A year
What are the three main components of the Balance of Payments?
What are the three main components of the Balance of Payments?
Current, capital, financial accounts
How many main components does the current account have?
How many main components does the current account have?
Four
What terms describe trade in goods and trade in services respectively?
What terms describe trade in goods and trade in services respectively?
Visible trade and invisible trade
Which is an example of trade in services?
Which is an example of trade in services?
Tourism
What does primary income include?
What does primary income include?
Dividends, interest, and profits
What is secondary income also known as?
What is secondary income also known as?
Current transfers
What should the sum of all BoP components equal?
What should the sum of all BoP components equal?
Zero
What can persistent current account deficits lead to?
What can persistent current account deficits lead to?
Increasing foreign debt
What effect does a strong currency have on exports and imports?
What effect does a strong currency have on exports and imports?
Makes exports dearer & imports cheaper
What does the financial account record?
What does the financial account record?
Transactions in financial assets