7.7.2 - Balance of Trade
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Practice Questions
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What is the balance of trade?
💡 Hint: Think about how much a country sells versus buys.
What is a favourable balance of trade?
💡 Hint: This indicates economic benefit.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What implies a favourable balance of trade?
💡 Hint: Think about what situation is advantageous for a country.
True or False: A trade deficit occurs when exports exceed imports.
💡 Hint: Focus on the definitions of surplus and deficit.
2 more questions available
Challenge Problems
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Create a fictional country with given export and import figures: $100 billion in exports and $120 billion in imports. Analyze the economic implications.
💡 Hint: 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.
💡 Hint: Calculate new balances using the percentage increase.
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