A Balance-Of-Payments Statement Includes the Following: the Current Account,the Past

question 20

True/False

A balance-of-payments statement includes the following: the current account,the past account,and the overdue account.

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Definitions:

Scarcer Over Time

indicates that a resource or good is becoming less available or more difficult to obtain as time progresses.

Saving Rate

The proportion of income that is not spent, but instead saved by individuals, households or the nation as a whole.

Productivity

measures the efficiency of production in terms of the amount of output generated per unit of input, such as labor or capital.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.