If USImports Total $100 Billion and U

question 39

Multiple Choice

If U.S.imports total $100 billion and U.S.exports total $150 billion,which of the following is correct?

• A)The U.S.has a trade surplus of $100 billion.
• B)The U.S.has a trade surplus of $50 billion.
• C)The U.S.has a trade deficit of $100 billion.
• D)The U.S.has a trade deficit of $50 billion.

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Definitions:

Itemized Deduction

Expenses listed separately that can be deducted from adjusted gross income to reduce taxable income, including medical expenses, taxes paid, interest, charitable contributions, and certain job-related expenses.

Constructive Receipt

This refers to the point at which an individual has access to, or control over, income, thus making it taxable, even if the income has not been physically received.

Compensation

Payment or salary received for services rendered or work done.

Exempt From Income

Income that is not subject to taxation under federal or state law.