Distinguish the current account from the financial account
What will be an ideal response?
The current account is the sum of net exports, net income received from investments abroad, and net transfers from abroad. The financial account is the difference between foreign purchases of U.S. assets and U.S. purchases of foreign assets.
Economics
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The production function in Scenario 7.3 exhibits:
A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) all of the above at various levels of output.
Economics
The situation in which the marginal product of labor is greater than zero and declining as more labor is hired is called the law of:
a. negative response. b. inverse return to labor. c. diminishing returns. d. demand.
Economics