In the Balance of Payments,the Statistical Discrepancy Is Used To

question 62

Multiple Choice

In the balance of payments,the statistical discrepancy is used to:

• A) Ensure that the sum of all debits matches the sum of all credits
• B) Ensure that trade imports equal the value of trade exports
• C) Obtain an accurate account of a balance-of-payments deficit
• D) Obtain an accurate account of a balance-of-payments surplus

---

Definitions:

Equilibrium Level

A condition where the amount of goods and services available in the market equals the demand for them, leading to stable pricing and quantity levels.

Efficiency Wage

A higher-than-market wage paid by employers to increase worker productivity and loyalty.

Above-Equilibrium Wage

Wages that are set above the market equilibrium, often leading to excess supply of labor and potential unemployment.

Turnover Costs

Expenses associated with replacing personnel, including recruiting, hiring, and training new employees.