National Occupational Competency Testing Institute (NOCTI) Business Practice Exam 2026 - Free NOCTI Business Practice Questions and Study Guide

Question: 1 / 400

A country exported $689,269 worth of goods and imported $3,465,029 worth of goods. What is the trade balance?

$2,775,760 surplus

$2,775,760 deficit

To determine the trade balance, you need to subtract the value of exports from the value of imports. In this case, the country exported goods worth $689,269 and imported goods worth $3,465,029.

By performing the calculation:

Trade Balance = Exports - Imports

Trade Balance = $689,269 - $3,465,029

This results in a trade balance of -$2,775,760, indicating a deficit. A deficit occurs when a country imports more than it exports, meaning it is spending more on goods from other countries than it is earning from selling its own goods abroad.

This understanding highlights that the correct choice accurately reflects the situation where the country has a trade deficit of $2,775,760, signaling that it is importing significantly more than it is exporting.

Get further explanation with Examzify DeepDiveBeta

$3,155,298 deficit

$2,775,760 balance

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