Which One of the Following Statements Is FALSE

question 25

Multiple Choice

Which one of the following statements is FALSE?

• A) The United States had accumulated substantial foreign wealth by the early 1980s.
• B) The 1980s witnessed a sustained current account deficit of proportions unprecedented in the twentieth century.
• C) In 1989, the country became a net debtor to foreigners for the first time since World War I.
• D) U.S. foreign debt has continued to grow and now stands at 40 percent of GNP.
• E) The U.S. foreign debt was paid off in the 1990s, allowing the U.S. to attain a current account surplus. However, the deficit has returned in recent years.

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Definitions:

Adoption Credit

A tax credit offered to adoptive parents to cover qualifying expenses related to the adoption of a child.

Domestic Adoptions

The process of legally adopting a child who is a citizen of the same country as the adoptive parents, through the country's legal system.

Child Tax Credit

A tax credit available to taxpayers for each qualifying dependent child, aimed at reducing their tax liability.

Under The Age

A phrase used to denote individuals who are younger than a specific age threshold, often in the context of eligibility for benefits or responsibilities.