-Refer to the Above Table

question 27

Multiple Choice

-Refer to the above table. Suppose the transactions in the table are added to a balance of payments account that is already in balance. What will have to take place to keep the balance of payments in balance?

• A) Nothing will have to be done as the accounts are in balance.
• B) Nothing will have to be done as the accounts are in equilibrium.
• C) The U.S. government will have to make official reserve transactions equal to $11,000.
• D) Foreign governments will have to make official reserve transactions equal to -$11,000.

---

Definitions:

Cognitive Developmental Stage

A phase in the psychological development of children marked by specific cognitive abilities and milestones.

Relativism

The doctrine that knowledge, truth, and morality exist in relation to culture, society, or historical context, and are not absolute.

Philosophical Position

A fundamental viewpoint or stance on philosophical issues, reflecting deep theoretical beliefs.

World Oil Reserves

The estimated quantities of crude oil in the ground that are recoverable under current economic and technological conditions.