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If a country imports goods worth $500 million and exports goods worth $300 milli
If a country imports goods worth $500 million and exports goods worth $300 million, what is the trade deficit?
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Practice Questions
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Q1
If a country imports goods worth $500 million and exports goods worth $300 million, what is the trade deficit?
$200 million
$300 million
$500 million
$700 million
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Trade deficit = Imports - Exports = $500 million - $300 million = $200 million.
Questions & Step-by-step Solutions
1 item
Q
Q: If a country imports goods worth $500 million and exports goods worth $300 million, what is the trade deficit?
Solution:
Trade deficit = Imports - Exports = $500 million - $300 million = $200 million.
Steps: 6
Show Steps
Step 1: Identify the total value of goods imported by the country, which is $500 million.
Step 2: Identify the total value of goods exported by the country, which is $300 million.
Step 3: Use the formula for trade deficit, which is Trade Deficit = Imports - Exports.
Step 4: Substitute the values into the formula: Trade Deficit = $500 million - $300 million.
Step 5: Calculate the result: $500 million - $300 million = $200 million.
Step 6: Conclude that the trade deficit is $200 million.
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