International Trade & BOP: True or False

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Test your knowledge of trade and balance of payments.

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Grace Joseph

Nigeria

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International Trade & BOP: True or False


International Trade & BOP: True or FalseVersion en ligne Test your knowledge of trade and balance of payments. par Grace Joseph 1 A current account deficit cannot be financed by reserves or international borrowing. Yes No 2 Absolute advantage alone determines trade patterns. Yes No 3 In a free market, equilibrium price is where quantity supplied equals quantity demanded. Yes No 4 A price floor set above the equilibrium price can create a surplus. Yes No 5 The balance of payments has current, capital, and financial accounts. Yes No 6 Rationing ensures perfectly efficient allocation in any market. Yes No 7 Equilibrium price is always higher than the price floor. Yes No 8 West African external trade has been characterized by growing regional and global linkages. Yes No 9 An increase in demand, with supply unchanged, raises both equilibrium price and quantity. Yes No 10 Comparative advantage explains why countries engage in trade even when one country has an absolute advantage. Yes No 11 Black markets only exist when price controls are imposed. Yes No 12 In a perfectly competitive market, price controls are always binding. Yes No 13 Balance of payments disequilibrium can be addressed via exchange rate policy. Yes No 14 Tariffs are always the only instrument used in commercial policy. Yes No 15 Exchange rate policy has no effect on the balance of payments. Yes No 16 A price ceiling set below the equilibrium price can cause a shortage. Yes No 17 Direct control and tariffs are the same thing. Yes No 18 To find equilibrium, one can set Qd = Qs and solve for P and Q algebraically. Yes No 19 A decrease in demand shifts the supply curve to the left. Yes No 20 Tariffs are instruments of commercial policy. Yes No

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International Trade & BOP: True or False

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International Trade & BOP: True or FalseVersion en ligne

par Grace Joseph

A current account deficit cannot be financed by reserves or international borrowing.

Absolute advantage alone determines trade patterns.

In a free market, equilibrium price is where quantity supplied equals quantity demanded.

A price floor set above the equilibrium price can create a surplus.

The balance of payments has current, capital, and financial accounts.

Rationing ensures perfectly efficient allocation in any market.

Equilibrium price is always higher than the price floor.

West African external trade has been characterized by growing regional and global linkages.

An increase in demand, with supply unchanged, raises both equilibrium price and quantity.

Comparative advantage explains why countries engage in trade even when one country has an absolute advantage.

Black markets only exist when price controls are imposed.

In a perfectly competitive market, price controls are always binding.

Balance of payments disequilibrium can be addressed via exchange rate policy.

Tariffs are always the only instrument used in commercial policy.

Exchange rate policy has no effect on the balance of payments.

A price ceiling set below the equilibrium price can cause a shortage.

Direct control and tariffs are the same thing.

To find equilibrium, one can set Qd = Qs and solve for P and Q algebraically.

A decrease in demand shifts the supply curve to the left.

Tariffs are instruments of commercial policy.