Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 19, Problem 12CQ
To determine
Trade surplus as the implication of the strong economy.
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Why do larger countries typically have smaller export markets (as a percentage of total production) than smaller countries?
Both the United States and global economies are booming. Will U.S. imports and/or exports increase?
If imports exceed exports, is it a trade deficit or a trade surplus? What about if exports exceed imports?
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Economics: Private and Public Choice (MindTap Course List)
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- If China has a trade surplus with the United States, it is a good thing for the U.S economy? True or Falsearrow_forward“When a nation is running a trade surplus, capital is flowing out of the country.”Do you agree with the statement? Explain your choice.arrow_forwardIf you observed a country with a rapidly growing trade surplus over a period of a year or so,would you be more likely to believe that the country's economy was in a period of recession or of rapid growth? Explain.arrow_forward
- Will nations that are more involved in foreign trade tend to have higher trade imbalances, lower trade imbalances, or is the pattern unpredictable?arrow_forwardAt one time, it was believed that the way for a nation to prosper was to export as much as possible while importing as little as possible. More money would flow into a country than out of a country. Is this really a sound economic strategy? What is the relationship between exports and imports?arrow_forwardIf a country closes off to trade and prices remain unchanged, what does that mean?arrow_forward
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