6 Nov 2021
Problem 22
Page 780
Section: REVIEW QUESTIONS
Chapter 32: Macroeconomic Policy Around the World
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6 Nov 2021
Introduction
The balance of trade, also known as the commercial balance or net exports, is the difference between the financial worth of a country’s trade flows over a period of time (often abbreviated as NX). A distinction is frequently made between a trade balance for items and one for activities. The balance of trade is a statistic that measures how trade flows change over time. The term “balance of commerce” does not imply “equally balanced” trade flows.
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