ECONOMICS
BALANCE OF TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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CALCULATE BALANCE OF TRADE FROM THE FOLLOWING INFORMATION-A)EXPORT=70 AND IMPORT=90B)EXPORT=500 AND IMPORT=250
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50 AND 70
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20 AND 250
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-20 AND-250
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-20 AND 250
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Explanation:
Detailed explanation-1: -The balance of trade is typically measured as the difference between a country’s exports and imports of goods. To calculate the balance of trade, you would subtract the value of a country’s imports from the value of its exports.
Detailed explanation-2: -Imports = Exports-Balance of Trade = 500-(-600) = 1, 100. Q.
Detailed explanation-3: -So, Imports = Exports-Balance of trade = 300−(−)400=Rs. 700 crores.
Detailed explanation-4: -What is the Formula for Balance of Payments? The formula for calculating the balance of payments is current account + capital account + financial account + balancing item = 0.
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