The table below shows the composition of exports and imports of a hypothetical country. Use the information in the table to answer the questions that follow...
Question 1 Report
The table below shows the composition of exports and imports of a hypothetical country. Use the information in the table to answer the questions that follow.
| Exports | Amount $ | Imports | Amounts $ |
| Crude Oil | 120,000,000 | Rice and Flour | 140,000,000 |
| Groundnuts | 40,000,000 | Petroleum Product | 80,000,000 |
| Tourism | 45,000,000 | Vehicles and Accessories | 50,000,000 |
| Shipping & Insurance | 60,000,000 | Banking Services | 60,000,000 |
| Bauxite | 80,000,000 | Freight and Insurance | 40,000,000 |
(a) Calculate the value of visible exports.
(b) Calculate the balance of trade for the country.
(c) List the items of invisible exports and imports.
(d) Calculate the current account balance of the country.
(e) Is the country developed or developing? Give one reason for your answer.
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