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IT1: Specialization, exports, imports, balance of trade
By Jeffrey See
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Last updated over 6 years ago
5 questions
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Question 1
1.
Question 2
2.
Question 3
3.
Question 4
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Question 5
5.
Match the examples of specialization to the correct state/area.
Financial markets/banking
Grapes for wine
Wheat
Oranges
Automobiles
New York
Florida
Detroit
California
Midwest
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
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
For a country to have a trade deficit which of the following must be true?
imports must exceed exports
exports must exceed imports
Based on the chart above the United States has a trade surplus with which country?
China
Mexico
Germany
Singapore
