The balance of payments is:
a. the difference between the dollar value of exports and the dollar value of imports.
b. the same as the merchandise account.
c. a summary statement of all international trade transactions of one country with the rest of the world.
d. a summary statement of all domestic exchanges of goods and services between producers and buyers.
e. a record of the amount of U.S. dollars held abroad.
Question 2
Assume that the exchange rate moves from 1 = 1.2 to 1 = 0.97 . This change in exchange rate indicates that:
a. the euro has depreciated in value.
b. the price of a holiday in Europe has become less expensive for U.S. residents.
c. the U.S. dollar price of European chocolate has fallen.
d. the U.S. dollar has appreciated in value.
e. the euro has appreciated in value.
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