What is the difference between the balance of merchandise trade and the balance of payments?

a. Only the value of goods imported and exported is included in the balance of merchandise trade, while the balance of payments includes the value of all payments to and from foreigners.

b. The value of goods imported and exported is included in the balance of merchandise trade, while the balance of payments includes only capital account transactions.

c. The value of all goods, services, and unilateral transfers is included in the balance of merchandise trade, while the balance of payments includes both current account and capital account transactions.

d. Balance of merchandise trade and balance of payments both describe the same international exchange transactions.