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The records of exports and imports in goods and services and transfer payments is known as
Current account
Budget surplus
Economic leakage
degree of openness
- Current Account:
- This measures a country's international trade in goods and services, plus net earnings from abroad (like interest and dividends) and direct transfers.
- It reflects the country's economic transactions with the rest of the world.
- Correct Answer
- Budget Surplus:
- This occurs when a government's revenue exceeds its expenditures over a certain period.
- It's not specifically related to international trade records.
- Economic Leakage:
- Refers to money that exits an economy as opposed to being reinvested internally.
- Common in tourism where money spent by tourists is not retained by the local community.
- Degree of Openness:
- Refers to the extent to which a country is open to international trade.
- It is often measured by the sum of exports and imports as a percentage of GDP.
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