When a worker in the United States sends money to his family in Mexico, this transaction is recorded in the U.S. balance of payment as an:
A. outflow in the merchandise account.
B. outflow in the net transfer account.
C. inflow in the investment income account.
D. inflow in the service account.
Answer: B
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If the income elasticity of demand for a good is zero, then
a. the goods inferior. b. the good is normal. c. the good violates the Law of Demand. d. consumption of the good does not change as income changes.
Use the following table, which shows the demand schedule faced by Ninaskets, a pure monopoly selling baskets, to answer the next question.PriceNumber of Baskets Sold$203185167141012151030What is the change in total revenue if the pure monopoly raises the price from $10 to $12?
A. +$120 B. -$300 C. -$120 D. +$300
In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month
If the law is strictly enforced, the maximum for which an apartment will rent on the black market is A) less than $600 per month. B) $600 per month. C) $700 per month. D) more than $700 per month.
A dominant strategy is one where one firm picks
A. a strategy that must be repeated. B. the same strategy as the rival. C. a strategy only after seeing the other firm's decision. D. a strategy no matter what the rival does.