Calculate lilliputs balance of trade

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Reference no: EM13798267

Suppose the country of Lilliput exported 263 billion dollars worth of goods while they imported 477 billion dollars worth of goods in the last calendar year.

1) Calculate Lilliput\'s balance of trade:_____ billions of dollars.

2) Lilliput is running:

a) a trade deficit

b) a trade surplus

c) neither a trade deficit nor a trade surplus

Reference no: EM13798267

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