Answer:
Imports: This is when goods or services that are produced by another country is bought by someone or the government into a country.
Exports: This is when goods or services produced by a country is bought by someone or the government in another country.
Net exports: this is when the total value of a country’s imports is minus from the country’s total exports value. It is used to measure the gross domestic product of a country and to know the country’s expenditure over a certain period of time. The value could be negative or positive, If the value of a country's imports is greater than the value of its exports, then the country is said to have a negative balance of trade which is called a trade deficit, and if the export value is greater than the import, then the Net export is positive.
The transaction effects on each of the activities:
American art professor spends the summer touring museums in Europe:
Imports: This transaction will add value to US imports, since the American art professor traveled out of America to Europe to experience and discover the European arts.
Exports: This transaction will have no effect on US exports value, since the American art professor traveled out of America to tour European museums as a foreigner to explore the European arts.
Net exports: The US net exports value will be negative since the transaction increases the imports value while it does not add value to the exports.
Students in Paris flock to see the latest movie from Hollywood:
Imports: The transaction will not add value to US imports since the Students in Paris, travel to Hollywood to see the latest movie.
Exports: This transaction will add value to US exports since the Paris students travel to US to see the latest Hollywood movie, which is an export service for US.
Net exports: The US net exports value will be positive since the transaction increases the exports value while it does not add value to the imports.
Your uncle buys a new Volvo:
Imports: This transaction will add value to US imports since Volvo is not a US good and it was bought as a foreign good in US.
Exports: This transaction will not add value to US exports since the Volvo is an imported goods and not an export good.
Net exports: The US net exports value will be negative since the transaction increases the imports value while it does not add value to the exports.
The student bookstore at Oxford University in England sells a copy of this textbook:
Imports: The transaction will not add value to US imports since the Student bookstore sells the book as a foreign good in England.
Exports: This transaction will add value to US exports since the book is an exported good which is being sold as a foreign good in England.
Net exports: The US net exports value will be positive since the transaction increases the exports value while it does not add value to the imports.
A Canadian citizen shops at a store in northern Vermont to avoid Canadian sales taxes:
Imports: The transaction will not add value to US imports since the Canadian citizens shops in northern Vermont in US avoid sales taxes in Canada.
Exports: This transaction will add value to US exports since the Canadians are foreigners that shops in northern Vermont, the goods bought by the Canadians in US is an export goods for US.
Net exports: The US net exports value will be positive since the transaction increases the export value while it does not add value to the imports.