Which Is One of the Implications of Trade Deficits

question 100

Multiple Choice

Which is one of the implications of trade deficits?

• A)The success of businesses
• B)The import of more products
• C)The loss of jobs
• D)The export of more services
• E)A higher standard of living

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified period.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a high responsiveness.

Sales

The total number of goods or services sold within a specific time period.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.