Table 1 shows trade in goods for the economy of Seabourne in 2022. Value ($ million) Exports of goods 720 Imports of goods 910 (a) Which trade balance did S...

Assessment: Economics 9214 | Paper 2 Mock 01 | Written Paper 2 Subject: Economics - 9214

Question 1 Report

Table 1 shows trade in goods for the economy of Seabourne in 2022.

Value ($ million)
Exports of goods720
Imports of goods910

(a) Which trade balance did Seabourne have in goods? [1]
(b) Show the size of this balance. [1]

Answer Details

(a) Seabourne had a trade deficit in goods because the value of its imports was greater than the value of its exports. [1]

(b) The size of the deficit is:

\[\$910\text{ million}-\$720\text{ million}=\$190\text{ million}\]

Seabourne had a \(\$190\) million trade deficit. [1]

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