17. The balance of payments on current account

Question 1

Visibles

Answer 1

Imports or exports that are tangible

Question 2

Invisibles

Answer 2

Imports or exports that are intangible such as insurance

Question 3

Deindustrialization

Answer 3

A fall in the proportion of national output produced by manufacturing sector of economy

Question 4

Globalisation

Answer 4

The increasing interdependence and integration between countries. The ‘death of distance’