The table below shows selected balance of payments data for an economy in a given year:
| Category | Value (£ billion£\text{ billion}£ billion) |
|---|---|
| Exports of goods | 145 |
| Imports of goods | 162 |
| Exports of services | 75 |
| Imports of services | 52 |
| Primary income receipts (inflows) | 28 |
| Primary income payments (outflows) | 35 |
| Secondary income receipts (inflows) | 12 |
| Secondary income payments (outflows) | 19 |
Based on these data, what is the overall balance on the current account of the balance of payments?
A deficit of £8 billion£8\text{ billion}£8 billion
A surplus of £6 billion£6\text{ billion}£6 billion
A deficit of £1 billion£1\text{ billion}£1 billion
A surplus of £8 billion£8\text{ billion}£8 billion
38 exam-style questions on OCR A Level Economics Balance of payments. Each one has a worked solution and a mark scheme showing where the marks go.