(a) To indicate: Whether the given transaction is a credit or a debit for the U.S. current account.

Question

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Answer 1

Question

Chapter 29, Problem 1P

To determine

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the debit side of the US current accounts.

Explanation of Solution

Import of a B Car from Germany means outflow of US dollar from the USA to Germany. When money goes out, it is recorded on the debit side. Therefore, this transaction should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current accounts.

Explanation of Solution

Purchase of software from an American company by a Japanese firm means an inflow of US dollar from Japan to the USA. Whenever money comes in, it is recorded on the credit side. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This action will be recorded on the debit side of the US current account.

Explanation of Solution

Financial aid implies outflow of US dollars to Israel. However, there is no reciprocation in this case but whenever money goes out is debited. Therefore, this should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current account.

Explanation of Solution

Sales of oranges by US-based firm to Great Britain means an inflow of US dollar from Great Britain to the USA. Whenever money comes in, that is credited. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

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ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = $20,000, P = $10, and P’ = $5, determine ƐQP, ƐQI, and ƐQP’.

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Answer 2

Question

Chapter 29, Problem 1P

To determine

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the debit side of the US current accounts.

Explanation of Solution

Import of a B Car from Germany means outflow of US dollar from the USA to Germany. When money goes out, it is recorded on the debit side. Therefore, this transaction should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current accounts.

Explanation of Solution

Purchase of software from an American company by a Japanese firm means an inflow of US dollar from Japan to the USA. Whenever money comes in, it is recorded on the credit side. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This action will be recorded on the debit side of the US current account.

Explanation of Solution

Financial aid implies outflow of US dollars to Israel. However, there is no reciprocation in this case but whenever money goes out is debited. Therefore, this should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current account.

Explanation of Solution

Sales of oranges by US-based firm to Great Britain means an inflow of US dollar from Great Britain to the USA. Whenever money comes in, that is credited. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Want to see more full solutions like this?

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Answer 3

Question

Chapter 29, Problem 1P

To determine

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the debit side of the US current accounts.

Explanation of Solution

Import of a B Car from Germany means outflow of US dollar from the USA to Germany. When money goes out, it is recorded on the debit side. Therefore, this transaction should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current accounts.

Explanation of Solution

Purchase of software from an American company by a Japanese firm means an inflow of US dollar from Japan to the USA. Whenever money comes in, it is recorded on the credit side. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This action will be recorded on the debit side of the US current account.

Explanation of Solution

Financial aid implies outflow of US dollars to Israel. However, there is no reciprocation in this case but whenever money goes out is debited. Therefore, this should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current account.

Explanation of Solution

Sales of oranges by US-based firm to Great Britain means an inflow of US dollar from Great Britain to the USA. Whenever money comes in, that is credited. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 29, Problem 1P

To determine

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the debit side of the US current accounts.

Explanation of Solution

Import of a B Car from Germany means outflow of US dollar from the USA to Germany. When money goes out, it is recorded on the debit side. Therefore, this transaction should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current accounts.

Explanation of Solution

Purchase of software from an American company by a Japanese firm means an inflow of US dollar from Japan to the USA. Whenever money comes in, it is recorded on the credit side. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This action will be recorded on the debit side of the US current account.

Explanation of Solution

Financial aid implies outflow of US dollars to Israel. However, there is no reciprocation in this case but whenever money goes out is debited. Therefore, this should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current account.

Explanation of Solution

Sales of oranges by US-based firm to Great Britain means an inflow of US dollar from Great Britain to the USA. Whenever money comes in, that is credited. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 29, Problem 1P

To determine

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the debit side of the US current accounts.

Explanation of Solution

Import of a B Car from Germany means outflow of US dollar from the USA to Germany. When money goes out, it is recorded on the debit side. Therefore, this transaction should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current accounts.

Explanation of Solution

Purchase of software from an American company by a Japanese firm means an inflow of US dollar from Japan to the USA. Whenever money comes in, it is recorded on the credit side. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This action will be recorded on the debit side of the US current account.

Explanation of Solution

Financial aid implies outflow of US dollars to Israel. However, there is no reciprocation in this case but whenever money goes out is debited. Therefore, this should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

To determine

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current account.

Explanation of Solution

Sales of oranges by US-based firm to Great Britain means an inflow of US dollar from Great Britain to the USA. Whenever money comes in, that is credited. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 6

Chapter 29, Problem 1P

To determine

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the debit side of the US current accounts.

Explanation of Solution

Import of a B Car from Germany means outflow of US dollar from the USA to Germany. When money goes out, it is recorded on the debit side. Therefore, this transaction should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 7

Chapter 29, Problem 1P

To determine

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Answer 8

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the debit side of the US current accounts.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Explanation of Solution

Import of a B Car from Germany means outflow of US dollar from the USA to Germany. When money goes out, it is recorded on the debit side. Therefore, this transaction should be recorded on the debit side of the US current account.

Answer 13

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 14

To determine

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current accounts.

Explanation of Solution

Purchase of software from an American company by a Japanese firm means an inflow of US dollar from Japan to the USA. Whenever money comes in, it is recorded on the credit side. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 15

To determine

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Answer 16

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current accounts.

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Expert Solution

Answer 20

Explanation of Solution

Purchase of software from an American company by a Japanese firm means an inflow of US dollar from Japan to the USA. Whenever money comes in, it is recorded on the credit side. Therefore, it should be recorded on the credit side of the US current account.

Answer 21

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 22

To determine

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This action will be recorded on the debit side of the US current account.

Explanation of Solution

Financial aid implies outflow of US dollars to Israel. However, there is no reciprocation in this case but whenever money goes out is debited. Therefore, this should be recorded on the debit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 23

To determine

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Answer 24

Expert Solution

Answer to Problem 1P

This action will be recorded on the debit side of the US current account.

Answer 25

Expert Solution

Answer 26

Expert Solution

Answer 27

Expert Solution

Answer 28

Explanation of Solution

Financial aid implies outflow of US dollars to Israel. However, there is no reciprocation in this case but whenever money goes out is debited. Therefore, this should be recorded on the debit side of the US current account.

Answer 29

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 30

To determine

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current account.

Explanation of Solution

Sales of oranges by US-based firm to Great Britain means an inflow of US dollar from Great Britain to the USA. Whenever money comes in, that is credited. Therefore, it should be recorded on the credit side of the US current account.

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 31

To determine

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

Answer 32

Expert Solution

Answer to Problem 1P

This transaction will be recorded on the credit side of the US current account.

Answer 33

Expert Solution

Answer 34

Expert Solution

Answer 35

Expert Solution

Answer 36

Explanation of Solution

Sales of oranges by US-based firm to Great Britain means an inflow of US dollar from Great Britain to the USA. Whenever money comes in, that is credited. Therefore, it should be recorded on the credit side of the US current account.

Answer 37

Economics Concept Introduction

Credit side of financial account:

The right side of the financial account. The value which comes in is recorded on the credit side.

Debit side of financial account:

The left side of the financial account. The value which goes out is recorded on the debit side.

Answer 38

Ch. 29 - Prob. 1P Ch. 29 - Prob. 2P Ch. 29 - Prob. 3P Ch. 29 - Prob. 4P Ch. 29 - Prob. 5P Ch. 29 - Prob. 6P Ch. 29 - Prob. 7P Ch. 29 - Prob. 8P Ch. 29 - Prob. 9P Ch. 29 - Prob. 10P

(a) To indicate: Whether the given transaction is a credit or a debit for the U.S. current account.

(a) To indicate: Whether the given transaction is a credit or a debit for the U.S. current account.

Answer to Problem 1P

Explanation of Solution

(b) To indicate: Whether the given transaction is a credit or a debit for the U.S. current account.

Answer to Problem 1P

Explanation of Solution

(c) To indicate: Whether the given transaction is a credit or a debit for the U.S. current account.

Answer to Problem 1P

Explanation of Solution

(d) To indicate: Whether the given transaction is a credit or a debit for the U.S. current account.

Answer to Problem 1P

Explanation of Solution

Want to see more full solutions like this?

Chapter 29 Solutions

(a)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

(b)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

(c)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.

(d)

To indicate:

Whether the given transaction is a credit or a debit for the U.S. current account.