Really would apreciate some help on these questions thanks! 1. When Jamie, a U.S
ID: 1156565 • Letter: R
Question
Really would apreciate some help on these questions thanks!
1. When Jamie, a U.S. citizen, purchases a wool jacket made in Ireland, the purchase is (a) both a U.S. and Irish import (b) a U.S. import and an Irish export. c) a U.S. export and an Irish import (d) neither an export nor an import for either country 2. A country purchases $3 billion of foreign-produced goods and services and sells $2 billion dollars of domestically produced goods and services to foreign countries. It has (a) exports of $3 billion and a trade surplus of $1 billion (b) exports of $3 billion and a trade deficit of $1 billion (c)exports of $2 billion and a trade surplus of $1 billion. d) exports of $2 billion and a trade deficit of $1 billionExplanation / Answer
Ans1) b is the correct option. a U.S. import and an Irish export. A jacket from Ireland is an imprt for US because money has gone to Ireland
Ans2) d is the correct option. exports of $2 billion and a trade deficit of $1 billion. Trade deficit = imports - exports = 3 -2 billion = 1 billion
Ans3) c is the correct option. exports and net exports rise. The demand for New Zealand apples will increase so their exports and net exports will rise.
Ans4) A is the correct option . -.3 trillion euros, so it must have a trade deficit. Value of exports - value of imports = 1.2 - 1.5 = 0.3 trillion
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