A _____________ Occurs When the Value of Imported Goods and Services

question 19

Multiple Choice

A _____________ occurs when the value of imported goods and services is less than the value of exported goods and services.

• A) trade deficit
• B) trade surplus
• C) market deficit
• D) market surplus

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Definitions:

Implied Condition

A legal term referring to a term or condition not expressly stated in a contract but assumed to be included by necessity or by the nature of the agreement.

Materially Breach

A significant failure to perform one's duties under a contract that results in harm to the other party and provides grounds for termination of the agreement.

Total Breach

A significant failure to fulfill a core obligation of a contract, allowing the other party to terminate the agreement and seek damages.

Estoppel

A legal principle preventing someone from arguing something contrary to a claim previously made or acted upon in good faith.