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IT1: Specialization, exports, imports, balance of trade

Last updated about 6 years ago

5 questions

1

1

1

1

1

Question 1

1.

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

Wheat
Financial markets/banking
Oranges
Automobiles
Grapes for wine

New York
Florida
Detroit
California
Midwest

Question 2

2.

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

Question 3

3.

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

Question 4

4.

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

imports must exceed exports

exports must exceed imports

Question 5

5.

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

China

Mexico

Germany

Singapore