The balance of payments summarizes the transactions that occur during a given time period between
a. the government of one country and the government of another country
b. the national government and local governments in the same country
c. individuals, firms, and government of one country and individuals, firms, and governments throughout the rest of the world
d. individuals, firms, and governments of two countries
e. non-government residents (individuals and firms) of two countries
C
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In the three months before a $1 per pack cigarette tax took effect in Alaska, smokers bought 175 million more cigarettes than during the same period a year earlier. What explains this behavior by consumers?
The consensus view
A. Incorporates only the monetarist perspective. B. Incorporates only the Keynesian perspective. C. Incorporates both the Keynesian and monetarist perspective. D. Ignores both the Keynesian and monetarist perspective.