A U.S. tourist travels to Italy and spends $900 during the trip. How is this act

Question

A U.S. tourist travels to Italy and spends $900 during the trip. How is this activity recorded in the U.S. current account? A)Credit unilateral transfers for $900
B)Debit unilateral transfers for $900
C)Credit merchandise for $900
D)Debit services for $900
E)Credit services for $900

Which of the following statements about the U.S. balance of payments in 2008 is true? A)In the third quarter of 2008, the services account recorded a deficit of $25 million.
B)In the third quarter of 2008, the current account showed a surplus of $174,091 million.
C)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a surplus of $171,157 million.
D)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a deficit of $171,157 million.
E)In the third quarter of 2008, the services account recorded a deficit of $38,175 million.

A U.S. citizen A U.S. tourist travels to Italy and spends $900 during the trip. How is this activity recorded in the U.S. current account? A)Credit unilateral transfers for $900
B)Debit unilateral transfers for $900
C)Credit merchandise for $900
D)Debit services for $900
E)Credit services for $900

Which of the following statements about the U.S. balance of payments in 2008 is true? A)In the third quarter of 2008, the services account recorded a deficit of $25 million.
B)In the third quarter of 2008, the current account showed a surplus of $174,091 million.
C)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a surplus of $171,157 million.
D)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a deficit of $171,157 million.
E)In the third quarter of 2008, the services account recorded a deficit of $38,175 million.

A U.S. citizen A U.S. tourist travels to Italy and spends $900 during the trip. How is this activity recorded in the U.S. current account? A)Credit unilateral transfers for $900
B)Debit unilateral transfers for $900
C)Credit merchandise for $900
D)Debit services for $900
E)Credit services for $900
A U.S. tourist travels to Italy and spends $900 during the trip. How is this activity recorded in the U.S. current account?
Which of the following statements about the U.S. balance of payments in 2008 is true? A)In the third quarter of 2008, the services account recorded a deficit of $25 million.
B)In the third quarter of 2008, the current account showed a surplus of $174,091 million.
C)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a surplus of $171,157 million.
D)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a deficit of $171,157 million.
E)In the third quarter of 2008, the services account recorded a deficit of $38,175 million.
Which of the following statements about the U.S. balance of payments in 2008 is true? A)In the third quarter of 2008, the services account recorded a deficit of $25 million.
B)In the third quarter of 2008, the current account showed a surplus of $174,091 million.
C)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a surplus of $171,157 million.
D)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a deficit of $171,157 million.
E)In the third quarter of 2008, the services account recorded a deficit of $38,175 million.
Which of the following statements about the U.S. balance of payments in 2008 is true?
A U.S. citizen A U.S. citizen A U.S. citizen A U.S. tourist travels to Italy and spends $900 during the trip. How is this activity recorded in the U.S. current account? A)Credit unilateral transfers for $900
B)Debit unilateral transfers for $900
C)Credit merchandise for $900
D)Debit services for $900
E)Credit services for $900

Which of the following statements about the U.S. balance of payments in 2008 is true? A)In the third quarter of 2008, the services account recorded a deficit of $25 million.
B)In the third quarter of 2008, the current account showed a surplus of $174,091 million.
C)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a surplus of $171,157 million.
D)In the third quarter of 2008, the merchandise account in the U.S. balance of payments showed a deficit of $171,157 million.
E)In the third quarter of 2008, the services account recorded a deficit of $38,175 million.

A U.S. citizen

Explanation / Answer

Exchange rates allow for a comparison of the trade values of goods and services across countries.- True The euro is a common currency of all European countries- False The euro began trading in January 1999- True Double-entry bookkeeping requires that the debit and credit entries for any transaction must balance.- True Foreign aid, royalties earned abroad, and long-term capital flows are part of the current account.- True The capital account is the sum of the merchandise, services, and unilateral transfers accounts.- False When economists talk about a “balance of payments” deficit, they refer to a condition in which total debits exceed total credits in the balance of payments account.- True A trade deficit experienced by a country during a year generally signals the poor health of the economy.- False If the bank is selling Russian rubles (RUB) for $0.16, then the implied ruble price of the dollar is RUB 6.25.- True When domestic currency depreciates, foreign demand for domestic goods increases- True All euro coins circulating in the different countries of the European Union have the same design. False If Michelle can buy a woolen jacket for 40 Yuan in China, and Rebecca pays $40 for the same jacket in the U.S., it implies the exchange rate between these two nations is 10 Yuan = $1.- False

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