________ Refers to the Total Value of All the Exports

question 97

Multiple Choice

________ refers to the total value of all the exports and imports of the world's nations.

• A) Countertrade
• B) International marketing
• C) Gross national product
• D) Gross domestic product
• E) World trade

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Definitions:

Negative Externalities

Unintended adverse effects of an economic activity on unrelated third parties; they represent a failure of the market to fully account for the impacts of transactions.

Social Planner

A hypothetical figure in economic theories who makes decisions designed to allocate resources efficiently and achieve social welfare objectives.

Private Cost

The expenses that a company or an individual incurs as a result of its economic activity, excluding any external costs.

Private Value

The value of a good or service to a particular buyer or group of buyers, which may differ from its market price or the value to other buyers.