Photo AI

Calculate the Balance of Trade, using the following information - Leaving Cert Business - Question 9 - 2014

Question icon

Question 9

Calculate-the-Balance-of-Trade,-using-the-following-information-Leaving Cert Business-Question 9-2014.png

Calculate the Balance of Trade, using the following information. (Show your workings) Visible Imports €1500m Visible Exports €1300m Balance of Trade: (ii) Tick (✓... show full transcript

Worked Solution & Example Answer:Calculate the Balance of Trade, using the following information - Leaving Cert Business - Question 9 - 2014

Step 1

Calculate the Balance of Trade:

96%

114 rated

Answer

To calculate the Balance of Trade, use the formula:

extBalanceofTrade=extVisibleExports−extVisibleImports ext{Balance of Trade} = ext{Visible Exports} - ext{Visible Imports}

Substituting the given values:

extBalanceofTrade=€1300m−€1500m ext{Balance of Trade} = €1300m - €1500m

Calculating this gives:

extBalanceofTrade=−€200m ext{Balance of Trade} = -€200m

This negative value indicates that the country has a trade deficit.

Step 2

Tick (✓) the correct box to state if the Balance of Trade is a surplus or a deficit:

99%

104 rated

Answer

Given that the Balance of Trade is -€200m, we conclude that:

  • The Balance of Trade is a Deficit.

[✓] Deficit [ ] Surplus

Join the Leaving Cert students using SimpleStudy...

97% of Students

Report Improved Results

98% of Students

Recommend to friends

100,000+

Students Supported

1 Million+

Questions answered

Other Leaving Cert Business topics to explore

Consumer Protection & Legislation

Business - Leaving Cert

Industrial Relations

Business - Leaving Cert

People in Business & Contracts

Business - Leaving Cert

Entrepreneurs & Enterprise

Business - Leaving Cert

Communication & I.T in Business

Business - Leaving Cert

Management Skills

Business - Leaving Cert

Business Accounts & Ratio Analysis

Business - Leaving Cert

HR Management

Business - Leaving Cert

Insurance

Business - Leaving Cert

Business, Government & the Economy

Business - Leaving Cert

Taxation

Business - Leaving Cert

Business Expansion

Business - Leaving Cert

Finance in Business

Business - Leaving Cert

Marketing

Business - Leaving Cert

Starting a Business/Business Planning

Business - Leaving Cert

Ethics & CSR

Business - Leaving Cert

NGO's and Community Development

Business - Leaving Cert

Sectors: Primary, Secondary, Tertiary

Business - Leaving Cert

Types of Business : Sole Trader etc.

Business - Leaving Cert

International Trade

Business - Leaving Cert

THE EU: Institutions & Policies

Business - Leaving Cert

2022 - ( UNITS 4,5 & 6)

Business - Leaving Cert

2023 - ( UNITS 5,6 & 7)

Business - Leaving Cert

Industrial Relations & Contracts

Business - Leaving Cert

People in Business

Business - Leaving Cert

Entrepreneurs and Enterprise

Business - Leaving Cert

Management Skills (Communication & ICT)

Business - Leaving Cert

Managment Skills & Activities

Business - Leaving Cert

Human Resource Management

Business - Leaving Cert

Managing Finances

Business - Leaving Cert

Starting & Expanding a business

Business - Leaving Cert

Categories of Industry

Business - Leaving Cert

Ethics in Business

Business - Leaving Cert

NGOs and Community Development

Business - Leaving Cert

Ownership Structures

Business - Leaving Cert

The EU: Institutions & Policies

Business - Leaving Cert

International Trade & Marketing

Business - Leaving Cert

What does this stand for ?

Business - Leaving Cert

Management Activities

Business - Leaving Cert

Management Change & TQM

Business - Leaving Cert

Global Business

Business - Leaving Cert

Marketing: Market Research & Market Segment

Business - Leaving Cert

Marketing The 4P's Product, Price, Place, Promote

Business - Leaving Cert

Enterprise

Business - Leaving Cert

Management Skills (Leading & Motivating)

Business - Leaving Cert

Management Activities (Plan, Organise, Control)

Business - Leaving Cert

;