Question : If a country exports are less than its import, then balance of trade is said to be in ______.
 

Option 1: Balanced
 

Option 2: Surplus
 

Option 3: Deficit
 

Option 4: None of the above.
 

Question : When a country's imports exceed its exports, it is said to have a:

Option 1: Trade deficit

Option 2: Trade surplus

Option 3: Balance of payments surplus

Option 4: Balance of payments deficit

Question : When a country's exports of goods and services exceed its imports, it is said to have a:

Option 1: Balance of payments surplus

Option 2: Balance of payments deficit

Option 3: Trade deficit

Option 4: Trade surplus

Question : When a country's imports exceed its exports, it results in:

Option 1: A trade deficit

Option 2: A trade surplus

Option 3: A balance of payments surplus

Option 4: A balance of payments deficit

Question : What is a trade surplus?

Option 1: When a country exports more than it imports

Option 2: When a country imports more than it exports

Option 3: When a country has no trade

Option 4: When a country has a deficit in trade