Which of the following is not true of the statistical discrepancy in the balance of payments?
a. It is residual.
b. It is a measure of net error in the balance of payments data.
c. It is necessary because some transactions go unreported.
d. An excess of credits in all other accounts must be offset by equivalent debits in the statistical discrepancy account.
e. A difference between credits and debits is taken care of by changes in the official reserve transaction account.
E
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When the marginal productivity of labor decreases, the demand curve for labor in a perfectly competitive market
A) does not change. B) becomes flatter. C) shifts to the right. D) shifts to the left.
The agency which functions as a "lender of last resort" for national governments is the
A) International Trade Organization. B) International Monetary Fund. C) World Trade Organization. D) World Trade Fund.
Under monopolistic competition, a firm’s marginal revenue curve is
a. identical to the average revenue curve. b. above the average revenue curve. c. below the average revenue curve. d. unrelated to the average revenue curve.
Joshua consumes pizza and cola so that the marginal utility per dollar spent for the last piece of pizza consumed per week is 3 while the marginal utility per dollar spent for the last cola consumed is 1.5 . Joshua should spend more of his income on pizza and less on cola in order to maximize utility
a. True b. False