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 in 2021 decreased as migration decreased.Remittances in 2021 decreased as migration decreased.Remittances increased in 2021 due to digitally based systems.
Remittances increased in 2021 due to digitally based systems.
Remittances increased in 2021 due to digitally based systems.
The information you provided lists several possible statements about remittances in the past year. Let's go through each statement and explain how you can determine whether it is true or not.
Statement 1: Remittances decreased due to the switch away from a cash system.
To verify this statement, you can look for data or reports from reliable sources such as financial institutions or international organizations like the World Bank or the International Monetary Fund (IMF). These sources often publish data on remittances, including trends and factors that could impact them. By analyzing these reports, you can determine if there has been a decrease in remittances due to a shift from cash-based systems.
Statement 2: Remittances increased in 2021 because costs increased.
Similarly, to verify this statement, you can look for reports or analysis that highlight the relationship between remittance costs and trends in remittances. Higher costs may discourage people from sending money, which could potentially result in a decrease rather than an increase in remittances. Again, referring to reliable sources is crucial in order to get accurate and up-to-date information.
Statement 3: Remittances in 2021 decreased as migration decreased.
Establishing a correlation between migration and remittances is necessary to determine the validity of this statement. You can look for studies or reports that examine patterns of migration and their impact on remittance flows. These could provide insights into whether a decrease in remittances is correlated with reduced migration during the specified timeframe.
Statement 4: Remittances increased in 2021 due to digitally based systems.
To assess this statement, you can search for information on the adoption and usage of digital remittance platforms. Reports on financial technology (fintech) trends and digital payment systems may offer insights into the impact of such systems on remittances. Look for data that demonstrates an increase in remittances attributed to digital platforms.
By analyzing data and reports from trusted sources, you can determine the accurate statement about remittances in the past year.