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When Chester is conceived by his parents, he has the genetic instructions to grow up to be 6'1'' tall. During his childhood, however, he develops a digestive illness that significantly limits the amount of food he can eat, and he regularly fails to get enough vitamins in his diet. As a result, he grows up to be 5'11'' tall. In this example, a height of 6'1'' is Chester's ________ and a height of 5'11'' is Chester's ________.
Federal Revenues
The income received by the federal government from taxes, fees, and other sources used to fund government operations and programs.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.
Import Quota
A government-imposed limit on the quantity or monetary value of a certain good that can be imported into the country.
World Price
The international market price of a good or service, determined through the global supply and demand.
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