Suppose the country of Lilliput exported $293 billion worth of goods and imported $473 billion worth of goods in the last Calendar year. a. Calculate Lilliput's balance of trade. $ b. Which type of trade balance is Lilliput running? billion

Suppose the country of Lilliput exported $293 billion worth of goods and imported $473 billion worth of goods in the last Calendar year. a. Calculate Lilliput's balance of trade. $ b. Which type of trade balance is Lilliput running? billion

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter23: The International Trade And Capital Flows

Section: Chapter Questions

Problem 21SCQ: Explain briefly whether each of the following would be more likely to lead to a higher level of...

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Question

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Suppose the country of Lilliput exported $293 billion worth of goods and imported $473 billion worth of goods in the last
calendar year.
a. Calculate Lilliput's balance of trade.
$
b. Which type of trade balance is Lilliput running?
a trade surplus
a trade deficit
neither a trade deficit nor a trade surplus
billion

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