Question

Goods produced abroad and sold domestically are called exports and goods produced domestically and sold abroad are called imports. True False

Answer 1

Answer: False

Explanation:

Goods produced abroad and sold domestically are called Imports and goods produced domestically to be sold abroad are called Exports. Imports and Exports form the basis of trade with other countries and ensure the flow of goods and services across the world.

Imports provide a nation with a wider variety of goods and services usually at a lower price whilst Exports give a country to chance to sell its goods and services outside the country which gives it access to a larger market.