The Value of Imported Items to Australia Equals $1 Trillion,but

question 26

Multiple Choice

The value of imported items to Australia equals $1 trillion,but the value of exported items from Australia equals $750 billion.Australia has a $250 billion _____.

• A) trade deficit
• B) trade surplus
• C) absolute advantage
• D) comparative disadvantage

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Definitions:

Suspension of Disbelief

A willingness to suspend one's critical faculties and believe the unbelievable; sacrifice of realism and logic for the sake of enjoyment.

Sophomoritis

A colloquial term referring to an attitude of overconfidence displayed by some second-year students (sophomores), often characterized by a lack of respect for others' opinions or a dismissal of established facts.

Immature

Lacking in development, either physically, emotionally, or intellectually; not fully grown or developed.

Over-Confident

Describes a state of being excessively confident without sufficient reason or evidence, often leading to miscalculations or errors in judgment.