An Example of an Import of a Service in the U.S

question 267

Multiple Choice

An example of an import of a service in the U.S. balance of payments would be when

• A) an U.S. resident purchases a Japanese stereo.
• B) a Norwegian traveling in the United States rides a trolley car in San Francisco.
• C) a U.S. resident buying insurance from a firm in Toronto.
• D) a U.S. firm purchases 100 shares of a Dutch firm.

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Definitions:

On-us Item

A check or draft that is drawn on the same bank or one of its branches where it is being presented for payment.

Negotiable Instrument

A formal document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payee's name either mentioned or left blank.

Uniform Commercial Code

A complete collection of regulations that oversee every business transaction within the United States.

Electronic Banking

The conduct of banking activities through electronic means, including online banking, ATMs, and electronic payments.