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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Suppose a country has an overall balance of trade so that exports of goods and services equal imports of goods and services. Does that imply that the country has balanced trade with each of its trading partners?

To determine

If total trade balance of a country suggests that the country has balanced trade with each of its trading countries.

Explanation

Balance of trade is the difference between the value of exports and imports of goods and services of a country in a given year. If a country has overall balanced trade, it may be because of having favorable balance of trade (exports>imports) with certain tradi...

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