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JAMB Economics 1980 Question 37

Question 37

Balance of Payments and Exchange Rates

Which one of the following is NOT one of the balance of payments entries?

  1. A.The current account
  2. B.Foreign reserves
  3. C.Import and export duties
  4. D.Short-term capital
  5. E.Long-term capital.
Show the answer and explanation

Answer: C (Import and export duties)

Explanation

The balance of payments has current, capital and reserve (official financing) entries. Customs duties are taxes collected by government, not transactions with foreigners.