Question

______ is engaged in the export and import (external trade) of goods and services. 

Options

• Households

• Firms

• Government

• External sector

Answer 1

The external sector is engaged in the export and import (external trade) of goods and services. 

Explanation:

This industry deals with the export and import of products and services (external commerce). Export refers to the sale of domestically produced goods and services to the rest of the globe. Import refers to the acquisition of products and services from outside the United States.