A UK audio-editing studio receives a payment from a Norwegian production company for editing its recordings remotely.
How is this payment recorded on the UK's current account?
An outflow on trade in services
An inflow on trade in services
An inflow on trade in goods
An outflow on trade in goods
52 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.