Consider the following statements about the Balance Of Payments BOP 1 Balance of payments acco...........

Economic Affairs Balance of Payments

Consider the following statements about the Balance Of Payments (BOP).

1. Balance of payments accounts are an accounting record of all monetary transactions between a country and the rest of the world.

2. Balance of payments data is concerned with actual payments made and received by an economy.

3. Balance of payments also includes financial claims on and liabilities to the rest of the world and transfers such as gifts.

Which of the above statements are correct?

1 and 2 Only

2 and 3 Only

1 and 3 Only

All of the above

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Explanation:

The balance of payments, also known as balance of international payments,
encompasses all transactions between a country's residents and its nonresidents
involving goods, services and income; financial claims on and liabilities to the rest
of the world; and transfers such as gifts. Despite its name, the "balance of payments"data is not concerned with actual payments made and received by an economy, but rather with transactions