Which of the following correctly defines balance of payment?
1
The difference between the monetary value of a nation's exports and imports over a certain time period
2
The capital flowing out of a particular economy. It originates from a number of economic or political reasons but can often originate from instability in either sphere
3
A trade and economic policy which advocates replacing foreign imports with domestic production
4
The price per unit of quantity of a commodity traded in the international marketplace, set by the country or producers' organization that consistently exports the largest quantity or volume of the commodity or in a marketplace
5
The record of all economic transactions between the residents of the country and the rest of the world in a particular period of time