Home PYQs UPPSC UPPSC MCQs Prelims 1994 (GS Paper I)

Question

Balance of payment is defined as:

  1. The value of exports minus the value of imports
  2. The difference between the liabilities and assets of a firm
  3. The difference between current expenditure and current revenue in the government budget
  4. Complete record of all economic transactions between the residents of a country and rest of the world

Answer:

Option D: Complete record of all economic transactions between the residents of a country and rest of the world

Detailed Solution:

The correct answer is “Complete record of all economic transactions between the residents of a country and rest of the world”.

The balance of payments of a country is a systematic record of all economic transactions between the residents of a country and the rest of the world.