In the balance of payments, a deficit item is any transaction
A) that leads to a receipt by a resident of a country or its government.
B) that leads to a payment by a resident of a country or its government.
C) that is an export of a good or service.
D) that makes residents of a country worse off.
B
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If there is a permanent decrease in demand in a perfectly competitive market, then there is an initial ________ in price and existing firms ________
A) rise; make an economic profit B) rise; incur an economic loss C) fall; make an economic profit D) fall; incur an economic loss
Marginal cost eventually increases because
A) of the law of diminishing returns. B) eventually each additional worker produces a successively smaller addition to output. C) the marginal product of the variable input eventually falls. D) All of the above answers are correct.