Define Balance of Payments 2 marks?? (1 Viewer)

[enigma_1]

Why is there 2 marks for a question like this which I found?? What do you have to say? So you define it and then do you say it consists of the Current account and the cap + fin account and that when they are all added + net errors and omissions it equals zero under a floating exchange rate? is that what they want for 2 marks? I just don't get Eco mark allocation, sorry. Thanks for help!

 

[enigma_1]

Can someone tell me if I'm right. It's asking to calculate the Balance of Goods and services for years 2007 - 08 and I got -$21508. Like the minus sign should be there right? Thanks!

 

[enigma_1]

Eco people where are you

 

[Examine]

We're all dead.

Nah but I'd probably just say something along the lines of:

The BOP is the record of the transactions between Australia and the rest of the world during a given period of time, consisting of the CA and the KAFA.

I doubt you'd have to go into much detail after that since it's 2 marks.

 

[enigma_1]

Can someone please check my answer to the attachment?

And cheers Examine