NCERT Solutions for Class 12 Macro Economics Balance of Payment

NCERT Solutions for Class 12 Macro Economics Balance of Payment

NCERT Solutions for Class 12 Macro Economics Balance of Payment is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

1. What does balance of payments account of a country record? [CBSE 2007]

Ans. Balance of payments is an accounting statement that provides a systematic record of all the economic transactions between the residents of a country and the rest of the world during a given period of time.

2. What is meant by visible items?

Ans. Visible items include material goods [such as sugar, cloth, machines etc.] which can be seen or touched, counted, measured and weighted and which are duly recorded at the custom barriers.

3. What is the meaning of invisible items?

Ans. Invisible items, on the other hand, refer to different kinds of services such as transport, banking, insurance etc.

4. Why are imports entered as negative items in the balance of payments account?

Ans. Imports lead to an outflow of foreign exchange in the country. Thus, they are recorded as negative (debit) items.

5. What is meant by balance of trade? [CBSE 2005, Sample Paper 2010]

Ans. The term “balance of trade” denotes the difference between the exports and imports of goods in a country.

6. Name the items included in balance of trade account. [CBSE 2007]

Ans. Exports of visible items (goods);
Imports of visible items (goods).

7. When will balance of trade show a deficit? [CBSE 2006]

Ans. When imports of visible items are more than exports of visible items.

8. How is a deficit or a surplus on the current account restored?

Ans. Deficit on the current account is restored through the surplus on capital account and surplus on the current account is restored through the deficit on capital account.

9. What does balance of payments account of a country record? [CBSE 2007]

Ans. Balance of payments is an accounting statement that provides a systematic record of all the economic transactions between the residents of a country and the rest of the world during a given period of time.

10. What is meant by visible items?

Ans. Visible items include material goods [such as sugar, cloth, machines etc.] which can be seen or touched, counted, measured and weighted and which are duly recorded at the custom barriers.

11. What is the meaning of invisible items?

Ans. Invisible items, on the other hand, refer to different kinds of services such as transport, banking, insurance etc.

12. Why are imports entered as negative items in the balance of payments account?

Ans. Imports lead to an outflow of foreign exchange in the country. Thus, they are recorded as negative (debit) items.

13. What is meant by balance of trade? [CBSE 2005, Sample Paper 2010]

Ans. The term “balance of trade” denotes the difference between the exports and imports of goods in a country.

14. When will balance of trade show a deficit? [CBSE 2006]

Ans. When imports of visible items are more than exports of visible items.

15. How is a deficit or a surplus on the current account restored?

Ans. Deficit on the current account is restored through the surplus on capital account and surplus on the current account is restored through the deficit on capital account.

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