Question: State whether the statements are TRUE or FALSE and briefly elaborate with a relevant explanation why you believe them to be TRUE or FALSE. A)

State whether the statements are TRUE or FALSE and briefly elaborate with a relevant explanation why you believe them to be TRUE or FALSE.

A) UK residents taking out insurance policies with foreign companies is a Credit on the financial account of UK's balance of payments.

B) Mexico is 9,442 km away from Germany, while Indonesia is 11,004 km away from Germany. Mexico's GDP is 1.269 trillion USD while Indonesia's GDP is 1.119 trillion USD (2019). Based on this information, the Gravity model would predict that Germany would trade more with Mexico than with Indonesia?

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