Assume that South Korea exported goods worth about $17 billion and imported goods worth about $9 billion in a year. What was the trade surplus or deficit for South Korea that year? $11 billion deficit $9 billion deficit $7 billion surplus $8 billion surplus NextReset

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Woodard

History

27 May, 00:03

Assume that South Korea exported goods worth about $17 billion and imported goods worth about $9 billion in a year. What was the trade surplus or deficit for South Korea that year? $11 billion deficit $9 billion deficit $7 billion surplus $8 billion surplus NextReset

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Paul Hurley · Answer 1

The correct answer is 8 billion USD surplus.

Since South Korea has a 17 billion USD of exports and imports that a worth 9 billion USD, we take the 17 billion USD minus the 9 billion USD and get 8 billion USD. Since the value is positive (above 0) than it means that it is a surplus, if it was the other way around and the value was negative (below O) than it was going to be a deficit.

Ernest Webb · Answer 2

The trade balance would be a surplus of $8 billion. To find this answer, add the $17 billion of exports (17) to the $9 billion of imports (-9). 17 + (-9) gives a balance of + $8 billion, thus a surplus.