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IB Economics HL 4.6.2 Components of the balance of payments Question Bank

Practise IB Economics SL/HL 4.6.2 by applying components of the balance of payments concepts to exam-style questions.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

Exam points

  • identify the relevant model, concept or evidence
  • apply the correct subject framework to the question
  • evaluate the result using clear evidence and subject terminology

4.6.2—Components of the balance of payments question 1

[Maximum number: 1]

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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