"The Balance of Payments Must Balance

question 186

Multiple Choice

"The balance of payments must balance." This means that:

• A) a deficit in either the current or capital account must be offset by an equal surplus in the other account.
• B) income inflows must equal income outflows.
• C) imports always equal exports.
• D) net transfers equal the trade balance.

Analyze the effects of labor unions on wages and employment levels.

Identify and explain different forms of labor market discrimination.

Understand the role of minimum wage laws and their impact on the labor market.

Describe how wage differences among workers can be explained by various factors including human capital, discrimination, and unions.

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Definitions:

Insurance Company

An organization that provides financial protection and compensation for specified losses in exchange for premiums.

Patient Status

The current condition or state of a patient, including health status, and whether they are admitted, discharged, or under observation.

Eligibility for Benefits

Criteria that determine if individuals or groups qualify for certain advantages or services.

Predetermination

The act of deciding or establishing something in advance, often before relevant data or events are known.