Answer these questions : just short answer ,not too long

1. If, for every debit or credit in the balance of payments, an offsetting credit or debit, respectively, of an equal amount is entered, how can a nation have a deficit or a surplus in the balance of payments?

2. Explain the fundamental difference between modern exchange rate theories and traditional exchange rate theories.

3. Explain why the establishment of a freely-flexible exchange rate system is unlikely today.

4. First explain the primary reasons for the existence of multinational corporations, and then discuss why and how international capital transfers (by MNCs) impact employment in the receiving and investing nation.