A. The euro is an example of a _________system, acting as a single currency for its member countries. However, the euro itself is an independently ______ currency against all other currencies.

B. A country experiencing a serious trade deficit is not as likely to expand ________ as it would be if running a surplus.

C. Like a balance sheet, the Balance of Payments adds up the value of all assets and liabilities of a country on a specific date.

D. Which of the following is NOT an item to be considered in BOP calculations?

A foreign resident purchases a U.S. Treasury Bill.

A U.S.-based firm manages the development of an oil field in Kazakhstan.

A consumer buys a VCR made in Korea from a Florida Wal-Mart store.

A U.S. citizen living in Minnesota travels to Winnipeg, Canada, and buys a case of LaBatt's Canadian beer.