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Consider the hypothetical trade data presented in the accompanying table. Nation Imports($) Exports($)
Consider the hypothetical trade data presented in the accompanying table. Nation Imports($) Exports($)Mexico 100 120 Honduras 100 0 Belize 0 0 Panama 30 30 a Given the data presented in the table, which countries have open economies? a.Honduras b.Belize c.Panama d.Mexico b. Which country is running a trade surplus? a.Mexico b.Parnarna c.Belize d.Honduras
a. Countries with openeconomies: Honduras, Panama, and Mexico.b. Country with atradesurplus: Mexico.a. Based on the data presented in the table, the countries with open economies are Honduras,Panama, and Mexico. An open economy generally refers to a country that engages in international trade, actively participating in both imports and exports of goods and services. In the given table, these three countries have nonzero values for both imports and exports, indicating their involvement in international trade.Honduras is an open economy because it has both imports and exports, with an import value at $100 and no exports. This suggests that itpurchasesgoods from other countries but does not have significant exports.Panama also has an open economy as it engages in both imports and exports, with both values at $30. This indicates that Panama participates in international trade by buying goods from other countries and also selling goods to foreign markets.Mexico, the third country with an open economy in this data, has both imports and exports. Its import value is $100, and its export value is $120. This indicates that Mexico is actively involved in international trade, buying goods from other countries and exporting its products to foreign markets.b. Among the countries listed, the country running a trade surplus is Mexico. A trade surplus occurs when the value of a country's exports exceeds the value of its imports. In this case, Mexico's exports have a higher value of $120 compared to its imports with a value of $100. This suggests that Mexico is exporting more goods and services than it is importing, resulting in a tradesurplus. A trade surplus can have various implications for a country's economy, such as increased foreign currency reserves and potential for economic growth. It indicates that Mexico has a competitive advantage in certain industries or markets, allowing it to export more and generate positive trade balance.learn more abouttradehere:brainly.com/question/31526658#SPJ11...