Answer the following statements true (T) or false (F)

1) Mexican importers are suppliers of pesos in the foreign exchange market.
2) When the dollar price of yen rises, the dollar appreciates in value relative to the yen.
3) Import quotas are taxes or duties on imported products.
4) Barriers to free trade impair efficiency in the international allocation of resources.
5) The most-favored-nation clause in reciprocal trade agreements means that any tariff reductions the United States negotiates with a specific nation will automatically apply to many other nations.

1) T
2) F
3) F
4) T
5) T