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:

Colluding Firms

Companies that engage in an agreement, often secretly, to limit competition and increase prices for mutual benefit.

Cost Function

A mathematical expression that describes how the costs incurred by a firm or individual vary with the level of activity or output.

Market Demand

The total quantity of a good or service that all consumers in a market are willing to purchase at different prices.

Cartel

An association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.