In the past year, which of the following is true about remittances?(1 point) Responses Remittances decreased due to the switch away from a cash system. Remittances decreased due to the switch away from a cash system. Remittances increased in 2021 because costs increased. Remittances increased in 2021 because costs increased. Remittances increased in 2021 due to digitally based systems. Remittances increased in 2021 due to digitally based systems. Remittances in 2021 decreased as migration decreased.
Remittances increased in 2021 due to digitally based systems.
To determine which statement about remittances in the past year is true, we can go through each option and process of elimination.
1. Remittances decreased due to the switch away from a cash system.
2. Remittances increased in 2021 because costs increased.
3. Remittances increased in 2021 due to digitally based systems.
4. Remittances in 2021 decreased as migration decreased.
To verify which statement is true, we need to consider the factors that can affect remittances. These factors may include changes in migration patterns, economic conditions, technological advancements, and payment systems.
1. Remittances decreased due to the switch away from a cash system: In this scenario, the decrease in remittances would occur because the switch from a cash system could lead to difficulties in transferring money, potentially resulting in lower remittance amounts. However, this statement is a duplicate and does not provide any additional information.
2. Remittances increased in 2021 because costs increased: This statement suggests that an increase in remittances is due to increased costs. If the costs of sending remittances rise, migrants might send larger amounts to compensate, leading to an increase in total remittance flows.
3. Remittances increased in 2021 due to digitally based systems: This statement suggests that remittance flows increased in 2021 due to the adoption of digitally based systems. As digital platforms increasingly facilitate international money transfers, it becomes easier and more affordable to send remittances. Thus, this statement is supported by the trend of increasing digitalization in financial systems.
4. Remittances in 2021 decreased as migration decreased: This statement suggests that remittances decreased because there was a decrease in migration. If fewer people migrate to other countries, the number of remittances sent is likely to decrease as well. However, this statement only implies a relationship between migration and remittances, without specifying the cause-and-effect relationship.
Based on the analysis, we can conclude that the true statement about remittances in the past year is:
"Remittances increased in 2021 due to digitally based systems."
Based on the information provided, the true statement about remittances in the past year is:
Remittances increased in 2021 due to digitally based systems.