1d)
-Country Y is more stable and wealthier
-Country Y is more developed

7ai)
Terms of trade refers to the relative price of imports in terms of exports and is as the ratio of export prices to import prices.
7aii)
The balance of trade is the difference between a country’s imports and its exports for a given time period.

7b)
i)Expenditure reducing policies
ii)Expenditure switching policies
iii)Improving the supply-side
iv)Improving macroeconomic stability

3c)
i)the population of the country
ii)the population are fully employed
iii)the available of good medical facilities
iv)the total number of productive workers

5c)
i)To maintain monetary balance between demand and supply of short term monetary transactions.
ii)Money market plays a very important role of making funds available to many units or entities engaged in diversified field of activities be it agriculture, industry, trade, commerce or any other business.
iii)By providing funds to developing sectors it helps in growth of economy also.