NECO Economics 2024 Objective — Question 47
Question 47 of 50 from the National Examinations Council (NECO) Economics 2024 Objective paper, with the correct answer and a full explanation.
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Short-term deficits in the current account of the balance of payments can be financed by balancing with the
- A. A. Invisible account
- B. B. capital accountCorrect
- C. C. visible account
- D. D. national income account
Explanation
The short term deficits in the current account of a country's balance of payment can be defined by balancing with that of the capital account. The current account shows the total income and expenditure of a country in a particular year while the capital account shows the movement of money and other credit facilities to and from a country.
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