Which of the Following Is FALSE

question 71

Multiple Choice

Which of the following is FALSE?

• A)In 2002, the United States imported more goods and services from foreign suppliers than it exported to foreign purchasers.
• B)Services are almost one-third of total exports and are a growing part of U.S. and world trade.
• C)The U.S. trade balance in services is in deficit.
• D)With the exception of the Gulf War period in 1991, the U.S. current account has been in deficit since the 1980s.

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Definitions:

Credits

In accounting, credits are entries that decrease assets or increase liabilities and equity on a company's balance sheet.

Bank Balance

The amount of money held in a bank account at a given moment.

Cash Account

An account that records all transactions involving cash, including receipts and payments.

Debit Balances

Balances in accounts that represent amounts spent or assets, as opposed to credits, which signify income or liabilities.