Distinguish between the balance of payments and the balance of trade
What will be an ideal response?
The balance of payments is a summary record of a country's economic transactions with foreign residents and governments over a year. As such, it takes into consideration all types of transactions. The balance of trade refers only to the value to goods and services bought and sold in the world market. The balance of trade makes up a portion of the balance of payments.
Economics
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In what ways do economists and policymakers who believe that market-based reforms are the key to improving the health care system criticize the Patient Protection and Affordable Care Act (ACA)?
What will be an ideal response?
Economics
Which of the following is the growth rate of the standard of living?
A) y - q B) y - n C) y - a D) y - b
Economics