The Difference Between the Value of Exports and the Value

question 10

Multiple Choice

The difference between the value of exports and the value of imports is called

• A) depreciation.
• B) capital accumulation.
• C) net exports.
• D) the balance of payments.
• E) the terms of trade.

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Definitions:

Market Supply

The total quantity of a good or service available for purchase at any given price level in a given market.

Price Floor

A government or regulatory-imposed minimum price set above the equilibrium price, preventing the market price from falling below it.

Total Welfare

The total economic well-being that a society achieves, including both consumer surplus and producer surplus.

Consumer Surplus

The contrast between what consumers intend to spend on a good or service and the actual amount they part with.