Question : 41. (p. 33) The system of accounts that records a nation’s international financial : 1242189

41. (p. 33) The system of accounts that records a nation’s international financial transactions is called its: 
A. trade balance.
B. national accounts system.
C. EX-IM (exports-imports) account.
D. balance of payments.
E. exchange rate.

42. (p. 33) Which of the following ensures that balance-of-payments records are always in balance? 
A. The balance sheet record
B. The ledger entry model
C. A double-entry bookkeeping system
D. A deficit-surplus record system
E. An import/export bookkeeping system

43. (p. 33) Which of the following is true regarding balance-of-payments records? 
A. The fact that assets and liabilities balance means a nation is in particularly good financial condition.
B. The fact that assets and liabilities balance does not mean a nation is in particularly poor financial condition.
C. A balance of payments is not a record of condition.
D. A balance of payments is a determinant of condition.
E. A balance of payments reflects all the financial transactions that occurred in the country.

44. (p. 33) A nation’s balance-of-payments statement records all financial transactions between: 
A. its member states and its primary trading partners.
B. its residents and those of the rest of the world during a given period of time.
C. its suppliers and receivers.
D. profit and nonprofit organizations over a five-year period of time.
E. its top 100 companies and the global top 100 companies.

45. (p. 33) A balance-of-payments statement includes three accounts. Two of those accounts are the current account and the capital account. What is the third account found on the balance-of-payments statement? 
A. Investment account
B. Receivables account
C. Services account
D. Credit account
E. Reserves account

46. (p. 33) Which of the following would be the balance-of-payments account that is a record of all merchandise exports, imports, and services plus unilateral transfers of funds? 
A. Current account
B. Capital account
C. Credit account
D. Receivables account
E. Reserves account

47. (p. 34) The marketing manager for Healthy Horse Products wants to export to Australia but learns the labeling requirements are quite difficult to comply with limiting imports. This is a type of: 
A. blockage.
B. protectionism.
C. trade refusal.
D. stonewalling.
E. boycotting.

48. (p. 35) Which of the following arguments regarding protections is recognized by economists as valid? 
A. Need to keep money at home
B. Encouragement of capital accumulation
C. Protection of an infant industry
D. Conservation of natural resources
E. Maintenance of employment and reduction of unemployment

49. (p. 35) All of the following would be considered to be reasons for adopting an attitude of protectionism with respect to world trade EXCEPT: 
A. to protect political stability.
B. protection of an infant industry.
C. protection of a home market.
D. the need to keep money at home.
E. to encourage capital accumulation.

50. (p. 35) Randall Smithe-Jones believes that protectionism is the only way to save the United Kingdom from outside competitors. He has seen small business after small business go bankrupt because cheaper foreign goods have been more popular. The UK has just started a cell-phone manufacturing industry and Smithe-Jones’ company is one of the first to try their hand at cell-phone manufacturing. Which of the following would probably be the argument that Smithe-Jones would use to persuade his government representatives that protectionism is still needed in the U.K.? 
A. Protection of an infant industry
B. The need to keep money at home
C. Conservation of natural resources
D. National defense
E. The industrialization of a low-wage nation