22. If imports exceed exports, is it a trade deficit or a trade surplus? What about if exports exceed imports?
23. What is included in the current account balance?
24. In recent decades, has the U.S. trade balance usually been in deficit, surplus, or balanced?
25. Does a trade surplus mean an overall inflow of financial capital to an economy, or an overall outflow of
financial capital? What about a trade deficit?
26. What are the two main sides of the national savings and investment identity?
27. What are the main components of the national savings and investment identity?
28. When is a trade deficit likely to work out well for an economy? When is it likely to work out poorly?
29. Does a trade surplus help to guarantee strong economic growth?
30. What three factors will determine whether a nation has a higher or lower share of trade relative to its GDP?
31. What is the difference between trade deficits and balance of trade?