International trade is important to Canadian _______
Economy
100
Imports are also known as?
Payments
100
Exchange rates are permanent. True or false?
False
100
What are exports known as?
receipts
100
Current account Include? name two?
goods, services and investment
200
What does GDP stand for?
Gross Domestic Product
200
Imports are international transactions in which Canadian dollar must be converted into _______ _______.
foreign currency
200
Exchange rate can be represented as a ____ at which one ________ can be purchased for another.
price and currency
200
The balance of payment account is divided into 2 main parts: the fixed account, and the capital and financial account. True or False?
False!
The current account and the capital/financial account lol
200
Until what year did most nations have a fixed exchange rate?
1970
300
Name any two ways international trade helps benefit a country?
income for citizens and tax revenue for the government
300
Exports and imports are part of the?
Balance of payment
300
Fixed exchange rates are fixed or _______?
pegged
300
When the accounts are totaled, the current account and capital and financial account should balance. TRUE or FALSE?
true!
300
The balance of payment account of a country keeps record of the __________ and the ________ of all transactions between other trading countries.
payments and receipts
400
What are the 2 types of international trades?
imports and exports
400
What are exports?
Export are international transactions in which a foreign currency have to converted into Canadian dollar.
400
When Canadian import goods and services, they must pay the foreign exporter in what currency?
their respective currency.
400
Depreciation is when there is a INCREASE in the price of a country’s currency; in term of a foreign currency. TRUE OR FALSE?
FALSE
its a decrease not an increase lol
400
If the exchange rate for Canadian dollar depreciate; the demand of Canadian dollar would?
Decrease
500
How much does international trade account of out of the country's total GDP?
1/3
500
What was the old way to carry out currency exchanges?
bank-to-bank basis
500
What is Appreciation?
Appreciation is when there is an increase in the price of a country’s currency; in term of a foreign currency.
500
What brought the downfall of fixed exchange rates?
The actions of corporations and individual speculators.
500
what is statistical discrepancy?
if the current account does not balance exactly with the capital and financial account. An adjustment called the statistical discrepancy is calculated to bring the two main divisions of the account into balance.