The difference in value between a country's total payments and total receipts is called its balance of payments.

Question

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This statement is true. The balance of payments is a record of all economic transactions between a country and the rest of the world, including trade, investments, and transfers. If a country's total payments exceed its total receipts, it has a deficit in its balance of payments. If its total receipts exceed its total payments, it has a surplus. The balance of payments is an important indicator of a country's economic health and can affect its currency exchange rates and international trade relationships.

The Difference in Value Between a Country's Total Payments and Total