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Q. The _______________ records all international financial transactions that involve resident of the country concerned- changing either his assets with or his liabilities to a resident of another country.

Q. The Gold Standard was prevalent in the world from:

Q. A tariff is:

Q. As a result of trade, specialization in the Ricardian model tends to be

Q. When tariffs are imposed

Q. Free traders maintain that an open economy is advantageous in that it provides all of the following except:

Q. An increase in foreign income generally leads to:

Q. If relatively capital-abundant country A opens trade with relatively labor- abundant country B an the trade takes place in accordance with the Heckscher-Ohlin Theorem. What would be the consequence for factor prices (w/r) in the two countries?

Q. The movement to free international trade is most likely to generate short-term unemployment in which industries?

Q. _______________are receipts which the residents of a country receive for free, without making any present or future service transaction in return.