Associate Level: This document acts as a practice quiz and includes answers to the following questions:
- Distinguish between balance of payment and balance of trade
- List three components of the balance of payments
- Discuss factors that could lead to a balance of payment deficient and two factors that could lead to a balance of payment surplus
- Which year indicates a favorable balance of trade?
- Distinguish between balance of trade (BOT) and terms of trade (TOT)
- State the difference between a balance of payments deficient and a balance of payment problem and identify three factors which could account for a balance of problem.
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