Which of the following is false? Question 8 options: A balance of trade surplus indicates an excess of exports over imports (i.e., import < export). The U.S. balance of trade deficit would be larger if the U.S. dollar appreciates against all currencies, holding other things equal (assume that substitutes are readily available in the countries, and that the prices charged by firms remain the same). Direct foreign investment represents transactions involving long-term financial assets (such as stocks and bonds) between countries that do not affect the transfer of control. The balance of payments is a measurement of all transactions between domestic and foreign residents over a specified period of time