Balance of Payments Quiz
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Questions and Answers

What is the balance of payments?

  • The total expenses of a country in a particular period of time
  • The total income of a country in a particular period of time
  • The difference between the government's income and expenses
  • The difference between all money flowing into a country and the outflow of money to the rest of the world (correct)

What are the two components of the balance of payments?

  • Income account and expenditure account
  • Current account and capital account (correct)
  • Trade account and investment account
  • Current account and savings account

Which economic theory influenced European rulers in the 16th century?

  • Supply-side economics
  • Keynesian economics
  • Mercantilism (correct)
  • Monetarism

What did mercantilism favor as a measure to promote a trade surplus?

<p>Tariffs on imports (C)</p> Signup and view all the answers

How was international trade regulated in the Middle Ages in Europe?

<p>Regulated at municipal level in the interests of security for local industry and established merchants (A)</p> Signup and view all the answers

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