Question

If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse; that is, exporting little but importing a lot?

Answer 1

Explanation:

Export is the selling of local output to international market and import is opposite of export in which the local grown product of other nation has purchased from international market. What is worse is depends on view what you consider as better or worse. But typically the Export is good for the economy a country as the economy will set to grow much further and foreign currency will come into home country that is big advantage over import where the nation have to fulfill another country’s demand of domestic product which create many disadvantages for home country. Import will create competition in local market as there will be better option available for home country people and they will choose the imported brand over simple domestic product.