Under the European System of Central Banks, the National Central Banks have the same role as the ________ of the Federal Reserve System

The pay-as-you-go nature of the Social Security system means that _____

a. current beneficiaries are paid out of general tax revenues b. current beneficiaries are paid out of the payroll taxes levied on current workers c. current beneficiaries are paid based on contributions made during their last five working years d. current beneficiaries are paid out of current earnings on the Social Security trust fund

Which of the following is not included in a nation's balance of payments?

a. Imports and exports of services. b. International interest and dividend earnings. c. Total holdings of the central bank's international reserves. d. All of the above are included in the balance of payments.