A Nation Has an Unfavorable Balance of Trade When

question 1

Multiple Choice

A nation has an unfavorable balance of trade when

• A)it has a surplus in its balance of payments
• B)it has a deficit in its balance of payments
• C)the value of its imports of goods is greater than the value of its exports of goods
• D)its current account is in surplus and its capital account is in deficit
• E)it has high tariffs

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Definitions:

Intellectual Inferiority

refers to the perception or belief that certain individuals or groups have lower cognitive abilities compared to others.

Step-variable

Costs that remain fixed over small ranges of production or activity levels but can change with larger shifts in activity.

Mixed

A category that includes a combination of various elements or types.

Variable

An element, feature, or factor that is liable to vary or change.