Question
The balance of payments is the value of a currency in one country compared with the value in another.
a. True
b. False
a. True
b. False
Answers
GPT-4o mini
b. False
The balance of payments is a financial statement that summarizes a country's transactions with the rest of the world, including trade in goods and services, investment income, and transfer payments over a specific period. It does not directly refer to the value of a currency in one country compared to another, which is known as the exchange rate.
The balance of payments is a financial statement that summarizes a country's transactions with the rest of the world, including trade in goods and services, investment income, and transfer payments over a specific period. It does not directly refer to the value of a currency in one country compared to another, which is known as the exchange rate.