One of the Results of the Strong Economic Growth in the United

question 165

Multiple Choice

One of the results of the strong economic growth in the United States relative to the rest of the world is a

• A)U.S.trade surplus.
• B)U.S.trade deficit.
• C)growing U.S.net exports.
• D)trade deficit for U.S.trading partners.

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Definitions:

Price Elastic

Price elasticity refers to the degree to which the quantity demanded of a good or service changes in response to a change in its price.

Availability of Substitutes

The presence of alternative products or services that can satisfy the same needs or wants as the original product.

Own Price Elasticity

Measures the responsiveness of the quantity demanded of a good to a change in its own price.

Anne's Apple Pies

A fictional or specific business entity known for producing or selling apple pies.