The difference between a country's total payments to other countries and its total receipts from other countries is called its:
A)balance of trade
B)financial surplus
C)financial deficit
D)balance of exchange
E)balance of payments

Question

Quizplus · Accepted Answer

The balance of payments is a comprehensive record of a country's financial transactions with the rest of the world, including its imports and exports of goods and services, financial transfers, and investments. It encompasses all transactions between a country's residents and non-residents.

The Difference Between a Country's Total Payments to Other Countries