The two fundamental sections of the Balance of Payments accounting system are
A. aggregate consumption and government spending.
B. physical investment and ephemeral investment.
C. the current account and the capital account.
D. the physical and monetary direct transfers among individuals.
Answer: C
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An increase in labor productivity
A) increases the standard of living. B) might be the result of an increase in the quantity of labor. C) generally occurs when physical capital decreases because firms must then hire more workers. D) cannot occur without a corresponding increase in employment. E) decreases the standard of living.
According to Figure 6.1, the average annual rate of growth of the U.S. economy in the period 1996-2011 equalled ________
A) 0.3 percent B) 2.2 percent C) 30 percent D) 300 percent
According to the Keynesian model, increased foreign spending for U.S. goods is likely to
a. reduce total employment in the United States. b. increase total employment in the foreign country. c. reduce total output in the United States. d. increase total output in the United States.
Comparative advantage explains how two nations can benefit from trade.
Answer the following statement true (T) or false (F)