To soften the fall of declining industries.

To protect industries from competition from low wage countries.

To protect industries from dumping.

To nurture infant industries by protecting them from cheaper imports.

Both 1 and 2

1 only

2 only

Neither 1 nor 2

Over 150 countries belong to the World Trade Organisation.

If a country joins a customs union, it may do less trade with non-members than it did previously

A single market requires the removal of barriers to the movement of labour.

Members of a free trade area agree to have uniform tariffs on imports from non-members.

The current balance shows the balance for the trade in goods and services combined

If a foreign citizen places some money in a deposit in the UK, the accounts regard this as a credit.

If the government’s reserves of foreign currencies increase, then there is a minus sign by this item.

Allowing for errors and omissions the accounts always balance.

Borrowing from abroad must have been equal to the trade deficit

Either investment must have exceeded saving, or government spending exceeded taxes (net of transfers and subsidies), or both.

The country’s debt to foreign countries must have grown as a percentage of GDP.

There must have been a surplus on the capital and financing account.