The Accompanying Table Contains Hypothetical Data for the U

question 47

Multiple Choice

The accompanying table contains hypothetical data for the U.S. balance of payments in a year. All figures are in billions of dollars. The balance on the financial account was a

• A)$57 billion surplus.
• B)$52 billion surplus.
• C)$57 billion deficit.
• D)$52 billion deficit.

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Definitions:

Schedule D

A form used with the U.S. federal income tax return to report capital gains and losses from the sale, exchange, or disposition of capital assets.

Mortgage Interest

The interest charged on a loan used to purchase a residence, which can be deductible for taxpayers who itemize deductions on their income tax returns.

Property Taxes

Taxes assessed on real estate by local government, based on the property's assessed value.

Depreciation

The accounting method of allocating the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.