A more descriptive phrase for the balance-of-payments account would be _____

Question

Quizplus · Accepted Answer

The balance-of-payments account measures all economic transactions between a country and the rest of world, including trade in goods and services, investment income, and unilateral transfers. Therefore, "balance of economic transactions" is a more accurate and descriptive phrase. "Balance of trade debits" and "balance of trade credits" refer specifically to the trade in goods component of the balance of payments, whereas "balance-of-investment transactions" refers only to investment flows. "Unilateral transfer balance" specifically measures transfers of money or goods from one country to another without expecting anything in return, but it does not capture the full scope of economic transactions in the balance of payments account.

A More Descriptive Phrase for the Balance-Of-Payments Account Would Be