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Chapter 23: Q. 41 (page 577)

Will nations that are more involved in foreign trade tend to have higher trade imbalances, lower trade imbalances, or is the pattern unpredictable?

Short Answer

Expert verified

Trade patterns are incalculable.

Step by step solution

01

Step1. Introduction

Foreign trade is the give and take of goods or services between international borders and regions which we call imports and exports.

02

Step2. Explanation

Foreign trade is generally unpredictable, and the pattern incalculable. Trade pattern depends on a various variety of factors which are also different like geography, economy, history, etc. because these factors are not fixed for all nations that鈥檚 why trade is also unpredictable.

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The GDP for the United States is \(18,036 billion and its current account balance is 鈥揬)484 billion. What percent of GDP is the current account balance?

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