Romernia, an Asian country, imported goods and services worth $700 million in the last fiscal year. It exported goods worth $400 million in the same year. The difference in the value of Romernia's imports and exports is known as _____.

Question

Quizplus · Accepted Answer

The balance of trade refers to the difference in value between a country's imports and exports. In this case, Romernia's imports exceed its exports by $300 million, indicating a trade deficit.

Romernia, an Asian Country, Imported Goods and Services Worth $700