The balance of payments is:
a. the difference between the dollar value of exports and the dollar value of imports.
b. the same as the merchandise account.
c. a summary statement of all international trade transactions of one country with the rest of the world.
d. a summary statement of all domestic exchanges of goods and services between producers and buyers.
e. a record of the amount of U.S. dollars held abroad.
c
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If the government removes a binding price ceiling in a market, then the producer surplus in that market will increase
a. True b. False Indicate whether the statement is true or false
One thing that distinguishes normative economic principles from positive economic principles is that:
A. normative principles tell us how people will behave, and positive principles tell us how people should behave. B. normative principles are pessimistic and positive principles are optimistic. C. normative principles tell us how people should behave, and positive principles tell us how people will behave. D. normative principles reflect social norms, and positive principles reflect universal truths.