Under the HTS, Only U

question 29

True/False

Under the HTS, only U.S.exports valued at more than $2,500 are counted in export statistics.

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers matches the quantity supplied by producers, resulting in no surplus or shortage.

Market Price

The actual selling price of a good or service in the market at which it can be bought or sold.

Surplus

The amount by which quantity supplied exceeds quantity demanded, often resulting in excess goods and a decrease in prices.

Shortage

A situation in which demand for a good or service exceeds its supply in a market.