When a Nation Is Said to Be Running a Balance

question 54

Multiple Choice

When a nation is said to be running a balance of payments surplus,this means its

• A) official settlements balance is positive.
• B) trade balance is positive.
• C) net financial account balance is positive.
• D) current account is positive.

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Definitions:

Concrete-Operations

A stage in Jean Piaget's theory of cognitive development where children aged approximately 7 to 11 years can logically reason about concrete situations but not abstract ones.

Formal-Operations

The final stage in Piaget's theory of cognitive development, characterized by the ability to think abstractly and reason logically.

Lev Vygotsky

A Russian psychologist known for his work on cognitive development, specifically the social interaction theory which posits that community plays a central role in the process of making meaning.

Zone Of Proximal Development

The difference between what a learner can do without help and what they can achieve with guidance and encouragement from a skilled partner.