Measuring International Trade Flashcards
1
Q
What is an example of invisible exports?
A
Tourists in Dublin
2
Q
What is an example of visible exports?
A
Selling beef abroad
3
Q
What is an example of visible imports?
A
Buying fruit from abroad
4
Q
What is an example of invisible imports?
A
Buying services in Paris
5
Q
What is the formula for the Balance of Trade?
A
Visible Exports - Visible Imports
6
Q
What does a positive Balance of Trade mean?
A
There is a trade surplus.
7
Q
What does a negative Balance of Trade mean?
A
There is a trade deficit.
8
Q
What is the formula for the Balance of Payments?
A
Total exports - Total imports
9
Q
What does a positive Balance of Payments mean?
A
There is a payments surplus.
10
Q
What does a negative Balance of Payments mean?
A
There is a payments deficit.
