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For the following question assume the following facts:
(1) Balance of Payments = 0 prior to the transactions.
(2) Person A (who lives in the United States) purchases an airplane from British Airways for $150,000.
(3) Person A pays with a check from his account at First Union Bank in the United States.
(4) British airways, since it will need dollars in 1 month, deposits the check at the Bank of England.
(5) Bank of England deposits the $150,000 at Commonwealth bank, which is located in the United States.
Due to the transactions above, what are the effects on the balance of payments?
Survival
The act or process of living through an event, condition, or situation, typically involving hardship or threat to life.
Specific Associations
The linkages between certain stimuli and particular responses or behaviors, often highlighted in the study of behaviorism and learning.
Operant Conditioning
A learning process in psychology where the strength of a behavior is modified by reinforcement or punishment.
Learned Association
Learned association is a fundamental concept in psychology that involves connecting two stimuli or events in the mind, leading to a change in behavior.
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