Print Calculator Question 4 of 16 Map Deb pling Nation imports Exports The table

Question

Print Calculator Question 4 of 16 Map Deb pling Nation imports Exports The table to the right shows hypothetical trade data for 4 countries. Using this data, determine if each nation has an open economy, a closed a surplus, and a trade deficit, respectively the labels for each into then proper that Mexico 100 120 a nation will exhibit more than one of these characteristics Honduras 100 0 0 Belize Panama 30 30 Has a trade deficit: Has a closed economy: Mexico Honduras Belize Has an open economy: Has a trade surplus: Panama

Explanation / Answer

Trade Balance = Total Exports - Total imports

1. Trade deficit occurs when Total imports exceed Total exports.This happens in case of Honduras, having trade deficit of $20.

2. Closed economy is the economy whose imports and exports are equal to zero.

This happens in case of Belize.

3. Open economy - An economy whose exports or imports are not equal to zero.

Mexico, Honduras and Panama.

4. Mexico has a trade surplus of $20 billion.

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