(answered) – 1) Consider the following data on flows of exports and importsDescriptionSolution downloadThe Question1) Consider the following data on flows of exports and imports among three na-tions, and suppose that the ?world? is composed solely of these countries:Country A exports to Country B: $35 millionCountry A exports to Country C: $25 millionCountry B exports to Country A: $30 millionCountry B exports to Country C: $25 millionCountry C exports to Country A: $20 millionCountry C exports to Country B: $40 millionCalculate the following as a share of total world trade. Express your answersas percentages, and round to the nearest tenth of a percent.(a) Country A?s trade with Country B(b) Country A?s trade with Country C(c) Country B?s trade with Country C2) Based on the information in question 1, which nation(s) has an overall tradedeficit? Which has an overall trade surplus? Is world trade balanced?3) Use the information in question 1 to calculate the following, and express youranswers as percentages rounded to the nearest tenth of a percent:(a) Country A?s total share of world trade(b) Country B?s total share of world trade(c) Country C?s total share of world trade4) Suppose that Country A and Country B in question 1 together constitute a re-gional trade bloc known as the A?B Trade Area. Use your answers to ques-tions 1 and 2 to calculate the trade concentration ratio of this regional tradebloc.