INSTRUCTIONS I. YOUR GRADE DEPENDS ON YOUR CONVICTION, CORRECTNESS,

INSTRUCTIONS
I. YOUR GRADE DEPENDS ON YOUR CONVICTION, CORRECTNESS, ELABORATION, AND ELUCIDATION OF YOUR ANSWERS.
II. EACH ESSAY COUNTS 20 POINTS.
III. YOU SHOULD WRITE ABOUT ONE PAGE SINGLE SPACED PER QUESTION
1. Elaborate on the volume, the direction of trade, and the composition of trade using trade theories presented in the class
2. Explicate the key reason that the US has been running international deficits for the last close to 40 years, and, presently, is the largest debt nation globally.
3. Assess the impossible trinity concept in the context of the fixed/flexible exchange rate regimes
4. Trace the evolution of the international monetary system up its current status and offer a judgment as to its future
5. What are the various accounts and balances of the Balance of payments and what are the major factors that affect the various entries in each of the accounts

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