A statement that summarizes an economy’s transactions with the rest of world for a specified time period is known as-
Correct Answer : b ) Balance of paymentsExplanation :
The balance of payments (BOP) is also known as the balance of international payments, which is a statement of all transactions carried out between entities in one country and the rest of the world over a given period, such as a quarter or a year.
It summarizes all transactions completed by individuals, companies, and government bodies of a country with individuals, companies, and government bodies outside the country.
Hence, option (b) is correct.