During one month, UK firms completed the following transactions in services. Consider only these transactions.
| Transaction | Value |
|---|---|
| A UK engineering consultancy provided design services to a customer overseas. | £48,000 |
| A UK software firm provided cybersecurity services to a business overseas. | £38,000 |
| A UK firm purchased accountancy services from an overseas provider. | £35,000 |
| A UK travel company purchased accommodation services from overseas hotels. | £26,000 |
Calculate the net effect of these transactions on the UK's current account.
189 exam-style questions on AQA GCSE Economics 2.2 Government objectives, covering 2.2.1a The main economic objectives, 2.2.1b Conflicts between government objectives, 2.2.1c Other objectives and ethical considerations, 2.2.2a The significance of economic growth, 2.2.2b Causes, costs, benefits and policies for growth, 2.2.2c GDP measures and calculations, 2.2.3a Measuring employment and unemployment, 2.2.3b Types and causes of unemployment, 2.2.3c Consequences and policies for unemployment, 2.2.4a What inflation is, 2.2.4b Measuring inflation with the CPI, 2.2.4c Causes, consequences and control of inflation, 2.2.5a Balance of trade and balance of payments, 2.2.5b Current account surpluses and deficits, 2.2.5c Policies to influence the balance of payments, 2.2.6a Income and wealth inequality in the UK, 2.2.6b Causes and consequences of inequality, and 2.2.6c Redistributing income and wealth. Each one has a worked solution and a mark scheme showing where the marks go.