Please explain the following:

The balance of trade is the value of:

Multiple Choice

• exports minus the value of imports.
• imports minus the value of exports.
• total goods purchased by the U.S. from abroad.
• total goods sold by the U.S. to parties abroad.

A common tool for restricting trade through taxation is:

Multiple Choice

• a tariff.
• immigration restrictions.
• international waters use policies.
• quota.

Exports are goods and services that are produced:

Multiple Choice

• in other countries and consumed domestically.
• domestically and consumed in other countries.
• and consumed in other countries.
• and consumers domestically.

Thank you