What is meant by a country’s balance of payments? What are the components of the balance of payments? When a balance of payment deficit exists, how would you identify and explain possible causes? What would happen to a country’s balance of payments if its currency suffered devaluation?
What is a trade barrier? How does a trade barrier impede a country’s access to the export markets? Why would a country restrict trade when it is argued that free trade benefits all nations that engage in such activity and in the process maximizes world welfare?