IT1: Specialization, exports, imports, balance of trade

Last updated over 6 years ago

5 Nsɛmmisa

Laabri

IT1: Specialization, exports, imports, balance of trade

Last updated over 6 years ago

5 Nsɛmmisa

Asemmisa {{asɛmmisaAhyɛnsode}}

Match the examples of specialization to the correct state/area.

Financial markets/banking
Automobiles
Oranges
Wheat
Grapes for wine

New York
Florida
Detroit
California
Midwest

Asemmisa {{asɛmmisaAhyɛnsode}}

Which of the following best defines the term"balance of trade"?

the value of a country's exports plus the value of its imports

the value of a country's exports plus imports minus consumer spending

the value of a country's exports minus the value of its imports

the value of a country's imports minus the value of its exports

Asemmisa {{asɛmmisaAhyɛnsode}}

If the U.S. exports $150 billion to China, but imports $100 billion, then the U.S. has a

a balance of payments deficit of $50 billion

a trade surplus of $50 billion

a trade deficit of $50 billion

a balance of payments surplus of $50 billion

Asemmisa {{asɛmmisaAhyɛnsode}}

For a country to have a trade deficit which of the following must be true?

imports must exceed exports

exports must exceed imports

Asemmisa {{asɛmmisaAhyɛnsode}}

Based on the chart above the United States has a trade surplus with which country?

China

Mexico

Germany

Singapore

Asemmisa {{asɛmmisaAhyɛnsode}}

Match the examples of specialization to the correct state/area.

Financial markets/banking
Automobiles
Oranges
Wheat
Grapes for wine

New York
Florida
Detroit
California
Midwest

Asemmisa {{asɛmmisaAhyɛnsode}}

Which of the following best defines the term"balance of trade"?

the value of a country's exports plus the value of its imports

the value of a country's exports plus imports minus consumer spending

the value of a country's exports minus the value of its imports

the value of a country's imports minus the value of its exports

Asemmisa {{asɛmmisaAhyɛnsode}}

If the U.S. exports $150 billion to China, but imports $100 billion, then the U.S. has a

a balance of payments deficit of $50 billion

a trade surplus of $50 billion

a trade deficit of $50 billion

a balance of payments surplus of $50 billion

Asemmisa {{asɛmmisaAhyɛnsode}}

For a country to have a trade deficit which of the following must be true?

imports must exceed exports

exports must exceed imports

Asemmisa {{asɛmmisaAhyɛnsode}}

Based on the chart above the United States has a trade surplus with which country?

China

Mexico

Germany

Singapore