1. The major component in the current account in the balance of payments is to

A measure a countrys balance of international reserves

B measure a countrys balance of transfer payments

C measure a countrys balance of trade

D measure a countrys ownership of foreign long-term and short-term assets

E none of the above

2. Over the last several years, the US has run a ___ in the goods trade balance and a ___ in the services trade balance

A surplus, deficit

B surplus, surplus

C deficit, deficit

D deficit, surplus

E none of the above