Question: Please fully explain A. What do you understand by Balance of Payment? Explain the three parts of the Balance of Payment. (6 points) B. Explain

Please fully explain

A. What do you understand by Balance of Payment? Explain the three parts of the Balance of Payment. (6 points) B. Explain why the balance of payments must always balance. (2 points) C. Explain with the help of the example what is the difference between a capital-service account and a capital account? (2 points)

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