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Chapter 10: Q. 24 (page 266)

In recent decades, has the U.S. trade balance usually been in deficit, surplus, or balanced?

Short Answer

Expert verified

Deficit.

Step by step solution

01

Step1. Introduction

Trade deficit is a situation when imports exceed exports.

Trade surplus is a situation when exports exceed imports.

Balanced trade is a situation when exports and imports are equal.

02

Step2. Explanation

US for past many decades has been facing trade deficit situation. It is primarily because of high imports of oil and other consumable products.

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