The Balance of Payments

question 1

Multiple Choice

The balance of payments:

• A) determines the eligibility of countries for IMF aid.
• B) adds up the value of all assets and liabilities of a country on a specific date.
• C) records all international transactions for a country over a period of time.
• D) all of the above

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Definitions:

Commercial Impracticability

A principle that excuses a party from performing their contractual obligation due to the occurrence of events that fundamentally transforms the nature of the obligations which the parties could not have anticipated.

Delta Star

Delta Star is a term often used in electrical engineering to refer to a method of connecting three-phase transformers or motors, involving a delta configuration and a star (wye) configuration.

Buyer's Right

Rights legally entitled to the purchaser of goods or services, including the rights to receive information, to a fair contract, and to complain and seek redress.

Rejecting Delivery

The action of refusing to accept delivery of goods or services, typically due to non-compliance with terms of contract.