Trade Deficits

question 6

Multiple Choice

Trade deficits:

• A)indicate that a country, in its international activities, is producing more than it is consuming.
• B)can be reduced by decreasing exports.
• C)can be reduced by increasing exports.
• D)can be reduced by increasing imports.

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Definitions:

Nominal

Relating to names or categories that are only labeled and do not have an inherent order or rank.

Ordinal

Relating to a classification where order or position is significant but not the magnitude of difference between items.

Predictive Statistics

Predictive statistics involves using historical data to make predictions about future events, often employing models and algorithms to forecast trends and outcomes.

Historical Data

Information or records relating to past events, conditions, or performances, used for analysis, comparison, or forecasting.