16 An American tourist buys a ticket to an opera in Paris. How does the U.S. government classify this transaction? a goods import of a French Opera (Incorrect) a service export (Incorrect) a service import (True Answer Correct) a goods export (Incorrect)
17 A Chinese student pays tuition at a U.S. university. How does the Chinese government classify this transaction?
18 If the value of a nation's imports is more than the value of its exports, then the nation is experiencing:
19 If country X has a GDP of $1 trillion and exports $200 billion to country Y and imports $300 billion from country Y, then its bilateral trade balance with country Y is:
20 Which of the following is classified as a United States service export? Renée LaFrancois, a French citizen, has her hair dyed in a New York hair salon. (True Answer Correct) Miguel Ramirez, a Mexican citizen, gets paid for working in a Kansas vegetable-canning factory. (Incorrect) Harvey Guelph, a U.S. citizen, gets his haircut in a British barber shop. (Incorrect) Marie Thompson, a U.S. citizen, purchases a bottle of champagne in a French grocery store. (Incorrect)