The Condition That Results When the Value of a Nation's

question 116

Multiple Choice

The condition that results when the value of a nation's exports is greater than the value of its imports is called ________.

• A) trade deficit
• B) mercantilism
• C) trade surplus
• D) absolute advantage

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Definitions:

Customers

Individuals or entities that purchase goods or services from a business.

Activities

The types of work, or actions, involved in a manufacturing or service process.

Differential Costs

Differential costs refer to the difference in total cost that will result from selecting one alternative over another in decision-making processes.

Opportunity Costs

The value of the best alternative forgone when a decision is made to pursue a particular course of action.