ECONOMICS
BALANCE OF TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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America imported $10 billion in goods and exported $9 billion in goods. Which of the following does America have?
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a trade deficit
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a balanced budget
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a trade surplus
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a trade balance
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Explanation:
Detailed explanation-1: -For 2022, the goods and services deficit was $948.1 billion, up $103.0 billion from $845.0 billion in 2021. Exports were $3, 009.7 billion, up $453.1 billion from 2021. Imports were $3, 957.8 billion, up $556.1 billion from 2021.
Detailed explanation-2: -Put simply, the U.S. global trade deficit reflects that the United States consumes more than it produces and imports more than it exports. Most economists argue that the trade deficit stems largely from U.S. macroeconomic policies, primarily an imbalance between domestic savings and total investment in the economy.
Detailed explanation-3: -The Largest U.S. Deficit Is With China More than 42.1% of the U.S. trade deficit in goods is with China.
There is 1 question to complete.