Which of the following statements is true about the role of gifts given to U.S. citizens from foreigners? a. Gifts are only included in the balance of payments if the gift is over $1,000,000. b. Gifts given to U.S. citizens are not included in the balance of payments, but gifts given to foreigners are included as deficit items. c. Gifts are included in the balance of payments. d. Gifts are not included in the balance of payments

Which of the following statements is true about the role of gifts given to U.S. citizens from foreigners?

a. Gifts are only included in the balance of payments if the gift is over $1,000,000.

b. Gifts given to U.S. citizens are not included in the balance of payments, but gifts given to foreigners are included as deficit items.

c. Gifts are included in the balance of payments.

d. Gifts are not included in the balance of payments

 

 

answer:

Which of the following statements is true about the role of gifts given to U.S. citizens from foreigners?

Correct Answer:- c. Gifts are included in the balance of payments.

Reason:- Balance of payment presents the summary of economic transactions of a country with the rest of the world. It includes Balance of Trades, Balance of services and Net unilateral Transfer ( includes the gift from foreigners).

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