nt Score 826 Resources Hint Check Answ estion 14 of 15 Impor

nt Score: 82.6% Resources Hint Check Answ estion 14 of 15 Imports (S) 100 Esports (S) 120 The table shows hypothetical trade data for four countries. Using this data. Nation determine if each nation has an open economy, a closed economy, a tradeMexico Honduras Belize 100 nation may exhibit more than one of these characteristics 30 30 Mexico Honduras Belize Panama 7 8 5 0 h.

Solution

Mexico: Open economy because there is trade of goods and services.

Trade surplus as exports are greater than imports. Trade surplus = 120 - 100 = $ 20

Honduras: Open economy.

Trade deficit because imports are greater than exports. Trade deficit = 100 - 0 = 100

Belize: A closed economy because there is no export or import.

No trade deficit or surplus

Panama: Open economy.

Trade balance as exports are equal to imports.