Which of the following statements is not correct?
A. Devaluation can have only temporary effects and it may provoke other countries to retaliate
B. Many countries of Europe resorted to exchange clearing agreements during the 1930s
C. The balance of payments of a country is a balance sheet showing the country's foreign assets and liabilities at any given period of time
D. The concept of single factoral terms of trade was developed by Jacob Viner.
A. Income per worker
B. Income per head
C. Income per household
D. Income per industrial unit
If indirect taxes are deducted from NNP and subsidies are added, we achieve:
A. Personal savings
B. DPI
C. NI
D. Per capita income
Transfer payments are not included in national income because:
A. Such payments are made to persons living abroad
B. Double counting would result
C. They are illegal
D. There is no method to account for these
To determine the correct level of GNP, it is necessary to:
A. Add up the values of goods and services during one year
B. Add up all savings
C. Count all imports
D. Add up the value of semi finished goods