If a country’s annual imports are $500 billion and its exports are $200 billion, the difference between the two representsMultiple Choicethe budget deficit.the country’s gross domestic product.the balance of trade.the country’s capital gains.

Assume a small open economy's domestic output (Y) is $750 million, its domestic spending is $850 million, and total imports are $150 million. Therefore, the country runs a trade ________, and total exports are ________.a.deficit; $50 millionb.surplus; $250 millionc.surplus; $50 milliond.deficit; $250 million

A country exports goods and services valued at $300 million in a year. During that same year, the country imports goods and serves valued at $400 million. Which conclusion best describes the country's balance of trade?A.The country has established a comparative advantage.B.The country has a trade deficit.C.The country has established an absolute advantage.D.The country has a trade surplus.

Question 8 of 10A country imports goods and services worth $700 million and exports goods and services worth about $500 million. This means that the country has a(n) _____.A.trade deficitB.absolute advantageC.comparative advantageD.trade surplus

The difference between what a country receives and pays for its exports and imports of goods.*1 pointbalance of paymentseconomies of scalenew trade theorybalance of tradecomparative cost principle

Multiple Choice QuestionWhat is the name for the difference between a country's exports and imports of goods?Multiple choice question.Capital accountBalance of trade on goodsTotal exportsFinancial account