net trade

Question 1

do England import or export more

Answer 1

We import more than we export

Question 2

real income

Answer 2

income adjusted for income so it take into account higher price levels

Question 3

what effects trade

Answer 3

Real income -
Exchange rates
State of the world economy
Degree of protectionism - tariff (is a flat fee on and imported good) and excise tax
Non price factors - quality, quantity and time

Question 4

when will exports increase

Answer 4

Real gap of other countries increases
Changes in taste and fashion lead to interest in products
Price inelastic exports are likely to see a fall in volume sales buy an increase in total revenue
Productivity capacity increases allowing for greater sales of a product
Product differentiation leads to greater demand for products