Which of the following is not included in the current account of a nation's balance of payments?
A. Its goods exports.
B. Its goods imports.
C. Its net investment income.
D. Its purchases of real assets abroad.
D. Its purchases of real assets abroad.
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Economist A. P. Lerner's idea that equality of income maximizes society's welfare is based on the assumption that
a. individuals have dissimilar utilities, but private property ownership distorts individual utilities so that no income distribution exists that reflects true utilities b. individuals are egalitarian c. individuals have identical utility functions d. individuals have identical skills e. individuals would voluntarily choose income equality
Most U.S. workers have wages well above the legal minimum, so minimum-wage laws do not prevent the wage from adjusting to balance supply and demand
a. True b. False Indicate whether the statement is true or false
A tax on a good
a. raises the price that buyers effectively pay and raises the price that sellers effectively receive. b. raises the price that buyers effectively pay and lowers the price that sellers effectively receive. c. lowers the price that buyers effectively pay and raises the price that sellers effectively receive. d. lowers the price that buyers effectively pay and lowers the price that sellers effectively receive.
The government is able to alter the outcome of the three basic economic questions (what? how? and for whom?) by ______________, _________________, and ___________.
Fill in the blank(s) with the appropriate word(s).