1. What is the balance of payments?
2. What parts does it consist of?
3. Under what conditions is a country classified as a net lender to the outside world?
4. What does the status of net lender to foreign countries imply in financial terms?
5. Under what conditions is a country classified as a net borrower from abroad?
6. What does net external borrower status mean in financial terms?
7. How does the trade balance (exports - imports) vary in relation to the business cycle?