The current account is
A) the reserve assets created by the International Monetary Fund for countries to use in settling international payment obligations.
B) the price of one nation's currency in term of the currency of another country.
C) a category of the balance of payments transactions that measures flows of real and financial assets.
D) a category of the balance of payments transactions that measures the exchange of merchandise, the exchange of services, and unilateral transfers.
Answer: D
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A "trade deficit" occurs when
A) we sell more to one country than another. B) we sell more to other countries than we buy from them. C) we buy more from other countries than we sell to them. D) we sell less to one country than another.
Per-unit production cost is:
A. real output divided by inputs. B. total input cost divided by units of output. C. units of output divided by total input cost. D. a determinant of aggregate demand.