Question: Define net exports. Explain how U.S. exports and imports each affect domestic production. Suppose foreigners spend $7 billion on U.S. exports in a specific year

Define net exports. Explain how U.S. exports and imports each affect domestic production. Suppose foreigners spend $7 billion on U.S. exports in a specific year and Americans spend $5 billion on imports from abroad in the same year. What is the amount of the United States’ net exports? Explain how net exports might be a negative amount.

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