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If a country has a total export value of $1.2 billion and a total import value o

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Question: If a country has a total export value of $1.2 billion and a total import value of $1 billion, what is the export-import ratio?

Options:

  1. 1.2:1
  2. 1:1.2
  3. 1:1
  4. 1.5:1

Correct Answer: 1.2:1

Solution: 

Export-import ratio = Exports / Imports = $1.2 billion / $1 billion = 1.2:1.

If a country has a total export value of $1.2 billion and a total import value o

Practice Questions

Q1
If a country has a total export value of $1.2 billion and a total import value of $1 billion, what is the export-import ratio?
  1. 1.2:1
  2. 1:1.2
  3. 1:1
  4. 1.5:1

Questions & Step-by-Step Solutions

If a country has a total export value of $1.2 billion and a total import value of $1 billion, what is the export-import ratio?
  • Step 1: Identify the total export value, which is $1.2 billion.
  • Step 2: Identify the total import value, which is $1 billion.
  • Step 3: Write the formula for the export-import ratio, which is Exports divided by Imports.
  • Step 4: Substitute the values into the formula: $1.2 billion divided by $1 billion.
  • Step 5: Perform the division: $1.2 billion / $1 billion equals 1.2.
  • Step 6: Write the ratio in the format of 'X:Y', which is 1.2:1.
  • Export-Import Ratio – The export-import ratio is a measure of a country's exports relative to its imports, indicating trade balance.
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