Which of the Following Is Correct with Regard to the Balance

Short Answer

Which of the following is correct with regard to the balance of trade and the balance of payments?
If a country has a favourable balance of trade, it will also have a favourable balance of payments.
The balance of payments is computed by dividing the value of a country's currency by the number of currency transactions that took place in the previous year.
A country that imports more than it exports has a favourable balance of trade.
Countries used to strive to have a favourable balance of trade, but governments no longer worry about that issue because of globalization.
Canada has generally had a favourable balance of trade during the last few decades.