Answer each of the following questions in this part with TRUE, FALSE, or UNCERTAIN. Provide a brief but clear explanation for your answer.

a)Import substitution is an example of an inward-oriented growth strategy.(5 marks)

b) The Asian currency crisis in 1997 started in Indonesia and had a contagious effect on the economies of Asian countries.(5 marks)

c) Nominal effective exchange rate (NEER) takes into account the relative prices of the products in the countries being compared.(5 marks)

d) Under the flexible exchange rate system, the central banks don't need to maintain large reserves.

(5 marks)