Foreign Trade Operations

What is the definition of import and export?

• Import refers to bringing goods or services into a country from another country, while export refers to sending goods or services from one country to another country.

• Import refers to sending goods or services from one country to another country, while export refers to bringing goods or services into a country from another country.

• Import refers to sending goods or services from one state to another state, while export refers to bringing goods or services into a state from another state.

• Import refers to sending goods or services from one city to another city, while export refers to bringing goods or services into a city from another city.

What is the trade balance?

• The trade balance is the difference between a country's imports and exports of goods and services.

• The trade balance is the total value of a country's exports.

• The trade balance is the amount of money a country owes to other countries due to trade deficits.

• The trade balance is the difference between a country's exports and imports of goods and services.

What are trade agreements?

• Trade agreements are formal agreements between two or more countries that outline the terms and conditions for conducting trade and commerce between them.

• Trade agreements are informal agreements between two or more countries that outline the terms and conditions for conducting trade and commerce between them.

• Trade agreements are agreements between two or more countries that outline the terms and conditions for conducting military operations between them.

• Trade agreements are agreements between two or more companies within the same country that outline the terms and conditions for conducting trade and commerce between them.

What is the balance of payments?

• The balance of payments is a record of all economic transactions between the residents of a country and the rest of the world over a specific period of time.

• The balance of payments is a record of all government expenditures within a country.

• The balance of payments is a record of all economic transactions within a country.

• The balance of payments is a record of all financial transactions between individuals within a country.

What is currency exchange?

• Currency exchange is the process of converting one currency into multiple currencies.

• Currency exchange is the process of converting currency into goods.

• Currency exchange is the process of converting goods into currency.

• Currency exchange is the process of converting one currency into another currency.

What is the difference between import and export?

• Import refers to bringing goods or services into a country, while export refers to sending goods or services to another country.

• Import refers to sending goods or services to another country, while export refers to sending goods or services within the same country.

• Import and export are the same thing.

• Import refers to sending goods or services to another country, while export refers to bringing goods or services into a country.

How is trade balance calculated?

• By adding the value of imports to the value of exports.

• By multiplying the value of imports by the value of exports.

• By subtracting the value of imports from the value of exports.

• By dividing the value of imports by the value of exports.

Name one example of a trade agreement.

• European Union (EU)

• North American Free Trade Agreement (NAFTA)

• World Trade Organization (WTO)

• Trans-Pacific Partnership (TPP)

What are the components of the balance of payments?

• current account, capital account, and financial account

• import account, export account, and exchange account

• trade account, investment account, and reserve account

• income account, government account, and external account

How does currency exchange affect international trade?

• Currency exchange only affects the cost of imported goods.

• Currency exchange has no impact on international trade.

• Currency exchange only affects the value of domestic currency.

• Currency exchange affects international trade by influencing the cost of imported and exported goods and services.