Latvia Had a Favourable Balance of Trade Last Year When

question 99

True/False

Latvia had a favourable balance of trade last year when it exported $2.3 billion and imported $3.9 billion.

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Definitions:

Higher Price

A situation where the cost of a good or service increases, often due to factors like inflation, increased demand, or higher production costs.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale.

Supply Curve

A visual diagram that illustrates the connection between the cost of a product and the amount of the product that sellers are prepared to make available for purchase.

Demand Curve

A graph illustrating how much of a good consumers will buy at different prices, showing the relationship between price and quantity demanded.