When calculating net exports, if the cost of imports is smaller than the value of exports for a country, what is this result called when the country has benefited from trading? A. a trade balance B. a trade deficit C. a trade surplus

When calculating net exports, if the cost of imports is smaller than the value of exports for a country, what is this result called when the country has benefited from trading? A. a trade balance B. a trade deficit C. a trade surplus

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 7SCQ: If the removal of trade banters is so beneficial to international economic growth, why would a...

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Question

Help please

When calculating net exports, if the cost of
imports is smaller than the value of exports for
a country, what is this result called when the
country has benefited from trading?
A. a trade balance
B. a trade deficit
C. a trade surplus
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If the removal of trade banters is so beneficial to international economic growth, why would a nation continue to restrict trade on some imported or exported products?
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QUESTIONS : D. Would you agree if the UK imposed import protection for wheat and corn to protect domestic wheat and corn farmers? Give reasons and basis for your argument. What are the negative and positive impacts that will be faced by the UK when implementing this protection policy (Give at least 5 answers for each positive & negative impact). POINT D ANSWER : Would defeinetly not go with the idea and not accept the trade proctectionsim, as it of more harm than good. Reasons are as follow: -The restricted options of customers and paying more for products and services. A main consequence of trade protectionism would be that, as there can be limits on how much can be imported, buyers may have a restricted variety of products and services. Shoppers would have a very limited option as to the amount, standard and form of product that might otherwise be available to them without competitive protection due to these quotas. -Exchange rate caps have induced long-term inflation because…
2 Kwame is the purchasing manager for an electronics firm in North Carolina. He purchases a large quantity of diodes from NXP Semiconductors in the Netherlands, a manufacturer of diodes. What kind of export or import transaction does this represent? a indirect export b direct import c indirect import d direct export
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4. Based on the theory of overlapping demand, it can be argued that trade in industrial products is insignificant for countries with dissimilar:a. Levels of personal incomeb. Technologiesc. Preferences and tastesd. Marginal Products