A country's exports are £610 billion, imports are £650 billion, net income from abroad is +£18 billion and net current transfers are -£7 billion. What is the current account balance?
A £29 billion deficit
A £51 billion deficit
A £29 billion surplus
A £47 billion deficit
22 exam-style questions on OCR GCSE Economics 4.2 Balance of payments, covering 4.2.1 Balance of payments on current account, 4.2.2 Balanced account, surplus and deficit, 4.2.3 Calculate deficits and surpluses, 4.2.4 Analyse exports and imports data, 4.2.5 Importance of the balance of payments, and 4.2.6 Causes of surpluses and deficits. Each one has a worked solution and a mark scheme showing where the marks go.