Identify whether the following items are examples of imports, exports, or neithe

Question

Identify whether the following items are examples of imports, exports, or neither by dragging and dropping the labels into the correct bins. Assume the United States is considered the domestic country. 1. Glen lives in the U.S. and purchases a video game produced in Japan. 2. Lucy lives in Tennessee and buys an orange grown in Florida. 3. A Chinese consumer purchases a TV produced in China. Import Export Neither 4. A farmer in Iowa sells corn to a food processing plant in China. 5. Chevron, a U.S. based oil company, sells oil to oil refineries in Brazil and Mexico.

Explanation / Answer

(1) Import

A US citizen buying a foreign product is an import.

(2) Neither

An US citizen buying an US good is not a foreign trade.

(3) Neither

A Chinese citizen buying a Chinese good is not a foreign trade.

(4) Export

A US farmer selling his harvest to a foreign firm is an export.

(5) Export

A US firm selling is product to a foreign firm is an export.

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