True or false? 1) Because current and financial/capital account balances use double-entry bookkeeping it is unusual to find serious discrepancies in the debits and credits. 2) Like a balance sheet, the Balance of Payments adds up the value of all assets and liabilities of a country on a specific date. 3) International debt security purchases and sales are defined as portfolio investments for financial account purposes because by definition debt securities do not provide the buyer with ownership or control. 4) The effect of an imbalance in the BOP is the same for countries on a fixed exchange rate regime as for those on a floating exchange rate regime. 5) Under a floating exchange rate system, the government bears the responsibility to ensure that the BOP is near zero. 6) A country with a managed float that wishes to weaken its currency may choose to raise domestic interest rates to attract additional capital from abroad. 7) Imports have the potential to lower a country's inflation rate. In particular, imports of higher- priced goods and services place a limit on what domestic competitors charge for comparable goods and services