Question

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Which one of the following statements is false?


Economics is a study of money and choices.


Opportunity cost refers to the alternative we are sacrificing when making a decision.


The balance of payment consists of the current - and the capital account.


Higher inflation implies lower purchasing power, and the value of the currency falls.

Answer 1

The statement "The balance of payment consists of the current - and the capital account" is false. The correct statement is "The balance of payment consists of the current account - and the financial account."