When the total value of exports is higher than the total value of imports, a country experiences a

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Question restatement: When the total value of exports is higher than the total value of imports, a country experiences a

Option 1: trade surplus. This option describes the scenario accurately: when exports exceed imports, a country runs a trade surplus, meaning it earns more from selling goods and services abroad than it spends on foreign goods. The concept is tied to the balance of trade and reflects a positive net export position.

Option 2: countertrade. Countertrade refers to a trade arrangement where goods or services are paid for, in whole or in part, with other goods or services rather than money. This has nothing to do with the simple monetary difference between exports and imports, so it does not describe the situation in question.

Option 3: trade deficit. A trade deficit occurs when imports exceed exports, i.e., the country buys more from abroad than it sells to foreign markets. This is the opposite of the described scenario, so this option is incorrect for the given condition.

Option 4: trade exchange. ‘Trade exchange’ is a general or colloquial term that does not specifically capture the balance between exports and imports. It does not denote whether a country has a surplus or a deficit, so it does not correctly describe the situation described in the question.

In summary, option 1 aligns with the standard definition of a trade surplus, where higher export values relative to import values indicate a positive net export position. The other options describe different concepts or mischaracterize the relationship between exports and imports, hence they do not fit the stated condition.

SMC 2025 Spr - BUS 1 (1318,4037) - Introduction to Business (G) BUSN Exam 1, Chapters 1-3

When the total value of exports is higher than the total value of imports, a country experiences a

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