International Trade & BOP: True or False

Yes or No

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

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International Trade & BOP: True or False

Yes or No

About this activity

Created by

Download the paper version to play

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Yes or No

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International Trade & BOP: True or FalseOnline version

by Grace Joseph

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

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

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

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

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

Tariffs are always the only instrument used in commercial policy.

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

Absolute advantage alone determines trade patterns.

Equilibrium price is always higher than the price floor.

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

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

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

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

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

Rationing ensures perfectly efficient allocation in any market.

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

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

Direct control and tariffs are the same thing.

Black markets only exist when price controls are imposed.

Tariffs are instruments of commercial policy.