In the balance of payments, all of the following are deficit items EXCEPT

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Sales of dollars to foreigners, also known as exports of merchandise, is a surplus item in the balance of payments. The other three options are deficit items: imports of merchandise represent a negative flow of funds out of the country, funds placed in foreign depository institutions represent a transfer of capital out of the country, and tourism expenditures abroad represent a negative balance of payments due to money spent outside the country.

In the Balance of Payments, All of the Following Are