In 2018, U

question 24

Multiple Choice

In 2018, U.S. exports of services ______ U.S. imports of services by about _____.

• A) exceeded; $20 B
• B) fell short of; $20 B
• C) exceeded; $270 B
• D) fell short of; $220 B

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Definitions:

Quantity Demanded

The total amount of a good that buyers are willing and able to purchase at a given price within a specific time period.

Excess Demand

A situation where the demand for a product exceeds its supply at the current price, often leading to price increases.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price.

Demand Increases

A situation where the quantity of a product or service desired by buyers exceeds the quantity supplied at a particular price.