Measuring International Trade (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does the balance of trade specifically measure?
What does the balance of trade specifically measure?
The difference in visible exports & imports
Which formula correctly calculates the balance of trade?
Which formula correctly calculates the balance of trade?
Visible exports - Visible imports
When does a trade surplus occur?
When does a trade surplus occur?
When visible exports exceed visible imports
Which of these is an example of invisible trade?
Which of these is an example of invisible trade?
Tourism services
How is the balance of invisible trade calculated?
How is the balance of invisible trade calculated?
Invisible exports - Invisible imports
Which formula shows the balance of payments using two components?
Which formula shows the balance of payments using two components?
Balance of trade + Balance of invisible trade
What is a benefit of having a balance of payments surplus?
What is a benefit of having a balance of payments surplus?
Government can reduce national debt
What problem does a balance of payments deficit create?
What problem does a balance of payments deficit create?
Government may need to borrow money
What is import substitution as a method to reduce a deficit?
What is import substitution as a method to reduce a deficit?
Buying Irish-made products instead of foreign
Given: Visible exports €214m, imports €230m. What is the balance of trade?
Given: Visible exports €214m, imports €230m. What is the balance of trade?
-€16m (deficit)