The World as a Whole Has a Current Account Deficit

question 37

Multiple Choice

The world as a whole has a current account deficit because

• A)some countries export less than they import.
• B)there are statistical discrepancies.
• C)the United States and China have current account deficit.
• D)income from assets held abroad is misreported.

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Definitions:

Journal Page Number

The specific page number in a journal where transactions are recorded, aiding in tracking and referencing financial activities.

Account Number

A unique sequence of numbers assigned to a customer's account in the books of a financial institution.

Prepaid Insurance

Definition: An asset account that represents insurance payments made in advance for coverage extending beyond the current financial reporting period.

Accounts Payable

The amount of money owed by a company to its creditors for goods and services purchased on credit.