IB Economics HL 4.6.2 Components of the Balance of Payments Topic Practice

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Study 4.6.2—Components of the balance of payments conceptsOpen the corresponding Concept lesson for explanations, examples and exam connections.

Question 1

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Table 1 shows the gross domestic product (GDP) of the United States of America (USA) economy from 2020 to 2023. The USA is not the fastest growing economy in the world, but it is the largest. It also has the largest budget deficit and the largest current account deficit in the world. As a result, the actions of its central bank, the Federal Reserve, always make news.

Table 1

Table 1

Using Table 2, calculate the deficit or surplus in the balance of trade in goods and services for Quarter 3 (Q3) only.

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