Suppose a U.S. tourist intends to purchase a digital SLR camera priced at ¥18,000 from Japan...
Suppose a U.S. tourist intends to purchase a digital SLR camera priced at ¥18,000 from Japan for which he needs to exchange dollars for rupees at a spot exchange rate of 85.32¥/$. Which of the following entries will be made on the U.S. BoP to account for this currency exchange? What is the equation?
a. The current account of the U.S. BoP will be credited with $210.97.
b. The financial account of the U.S. BoP will be credited with $210.97.
c. The current account of the U.S. BoP will be debited with $210.97.
d. The financial account of the BoP will be debited with $210.97.
e. The financial account of the BoP will debited with ¥85.32.
Homework Answers
Ans.(C) - The current account of the U.S. BoP will be debited with $210.97.
When US tourist buys camera from japan ,it is an import for US
resident and as we know imports and exports are included in current
account so it will be included in current account.Amount will be
debited since its an outflow for US BoP.
1$=85.32yen
210.97$=18000yen
If you have any doubt , feel free to ask.
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Suppose a U.S. tourist intends to purchase a digital SLR camera
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