Imports, Exports, and Balance of Trade

Q. What are trade blocs?

1. Trade blocs are groups of nations that have trade relations with each other.
2. Trade blocs are groups of nations that have common or similar trade policies.
3. Trade blocs are a block of nations that have trade relations only with each other.
4. Trade blocs are groups of nations that have trade relations with each other but differ in their trade policies.

Q.

What is an example of a balance of trade?

Q. Which of the following statement(s) is/ are not true?

1. When the imports are more than the exports, it is a positive balance of trade.
2. When the exports are more than the imports, it is a negative balance of trade.
3. When the exports are more than the imports, it is a positive balance of trade.
4. When the exports are less than the imports, it is a negative balance of trade.

Q. The phenomenon wherein a country's exports exceed its imports is called a negative balance of trade.

1. False
2. True