IGCSE Development Studies: Specimen Questions with Answers 51 - 52 of 98

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Passage

Balance of Trade

Question 51 (1 of 7 Based on Passage)

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Name the products imported and exported by US

Explanation

Imports of US from China and Exports of US to China
Imports of US from ChinaExports of US to China
Telephone for cellular networks or for other wireless networksAero planes and other aircrafts
Automatic data processing machineSoya beans
Tricycle, scooters and similar wheeled toys and other toysVehicles with only spark ignition, internal combustion reciprocating piston engine
Communication apparatusElectronics, integrated circuits, processors, and controllers

Question 52 (2 of 7 Based on Passage)

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Differentiate between BOP and BOT.

Explanation

Differentiate between BOP and BOT
S. no.BOTBOP
1.Transactions concerning trade of goods only are recorded.All transactions concerning goods, services and capital transfers are recorded.
2.Transactions of capital nature are not included in Balance of TradeTransaction of capital nature is also recorded in balance of payment.
3.Balance of Trade is a part of current account of balance of paymentBOP is much larger as it has current and capital accounts which include BOP too.
4.When exports of goods are higher than the imports of goods, BOT is considered as favorable.When net balance of current account is in plus. BOP is considered as favorable.

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