GCEEconomicsInternational Trade2020

The balance of payments of a country records

Aonly the visible imports and exports of goods between countries
Bthe total revenue collected by the government from international transactions
Call economic transactions between residents of a country and the rest of the world over a given periodCORRECT
Dthe difference between a country's total assets and total liabilities abroad
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Why the answer is C, and why the others tempt you.
The balance of payments is a systematic record of all economic transactions — including trade in goods, services, income flows, and capital transfers — between the residents of a country and the rest of the world over a specific period, usually one year. Option A describes only the trade balance (visible trade), which is just one component. Options B and D are incorrect definitions.
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