The Difference Between a Country's Exports and Its Imports of Goods

question 141

Multiple Choice

The difference between a country's exports and its imports of goods and services is known as the:

• A) trade balance.
• B) balance of payments on goods and services.
• C) balance of payments on current account.
• D) balance of exchange.

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Definitions:

Resources

The assets, materials, and inputs used to produce goods and services, including natural resources, human talent, and capital.

Fascism

A political ideology characterized by authoritarian power, dictatorial leadership, and the suppression of democratic institutions and societal opposition.

Means of Production

The physical, non-human inputs used for the production of economic value, such as factories, tools, and raw materials.

Standard of Living

measures the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a geographic area.