The Current Account Records

question 54

Multiple Choice

The current account records

• A)last year's flows of funds into and out of the country
• B)current flows of imports and exports of goods and services, net income earned by U.S.residents from foreign assets, and net transfer payments
• C)current flows of imports and exports of goods only
• D)only net income earned by U.S.residents from foreign assets
• E)only current flows of imports and exports of goods and services and net transfer payments

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Definitions:

Trade-Off

A comparison of costs and benefits of doing something.

Society's Goals

The collective aims or objectives sought after by a group of individuals living as a community or society.

Efficiently

Pertains to performing or operating in the best possible manner with the least waste of time and effort.

Resources

Various means or inputs (such as labor, capital, land) used in the production of goods and services.