1/ If you add up all the current accounts of all countries in the world, the sum should be zero. Yet this is not so. Why?

2/ What is the investment income account of the balance of payments?

3/ What is the official settlements account of the balance payments? How are official settlements deficits and surpluses associated with movements in the international reserves of the balance payments?

4/ What is the meaning of an account labeled "statistical discrepancy" or "errors and omissions"? If this account is a credit, what does that imply about the measurement of other items in the balance of payments?

5/ Why must the national income of a closed economy equal the national expenditures of that economy? What separates the two concepts in an open economy?

6/ Explain why private national saving plus government saving equals the current account of the balance of payments?