A summary statement of all the international transactions of the residents of a nation with the rest of the world during a particular period of time is called:
A)Balance of payments
B)Net exports
C)GNP
D)GDP

Question

Quizplus · Accepted Answer

Balance of payments refers to the summary of all the international transactions, including imports and exports of goods and services, financial transactions, and transfers between a nation and the rest of the world during a specific time period. Net exports refer only to the difference between a country's exports and its imports, whereas GNP and GDP refer to measures of the total economic output of a country.

A Summary Statement of All the International Transactions of the Residents