In 2001, Denmark had net exports of $10 billion and sold $60 billion of goods and services abroad. What were Denmark's increases in the components of net exports?
A)$70 billion of exports and $50 billion of imports
B)$50 billion of exports and $70 billion of imports
C)$60 billion of exports and $50 billion of imports
D)$50 billion of exports and $60 billion of imports

Question

Quizplus · Accepted Answer

Net exports are calculated as exports minus imports. Given net exports of $10 billion and exports of $60 billion, imports must have been $50 billion ($60 billion - $50 billion = $10 billion).

In 2001, Denmark Had Net Exports of $10 Billion and Sold