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5 cards from this section. Quick, good the night before a test.
What is the balance of trade?
Think about how much a country sells versus buys.
What is a favourable balance of trade?
This indicates economic benefit.
What implies a favourable balance of trade?
Think about what situation is advantageous for a country.
True or False: A trade deficit occurs when exports exceed imports.
Focus on the definitions of surplus and deficit.
Create a fictional country with given export and import figures: $100 billion in exports and $120 billion in imports. Analyze the economic implications.
Consider how imports exceeding exports affects national health.
Evaluate how a policy designed to boost exports by 20% impacts the balance of trade assuming imports remain constant.
Calculate new balances using the percentage increase.
6 more questions in this section. Enroll free to practise them all.
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