The Balance of Trade Is the Value of a Nation's

question 16

Multiple Choice

The balance of trade is the value of a nation's ____________.

• A) goods and service exports times goods and service imports
• B) goods exports subtracted from goods imports
• C) goods imports subtracted from goods exports
• D) net goods imports plus net capital inflows

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Definitions:

Condorcet

A method of decision making, named after the French mathematician Marquis de Condorcet, that identifies the option that would win a majority of votes in all possible pairings against each of the other options.

Social Choice and Individual Values

A concept in welfare economics and political science that examines how to aggregate individual preferences, values, or welfare to reach collective decisions.

Condorcet Paradox

The failure of majority rule to produce transitive preferences for society.

Condorcet Paradox

The Condorcet Paradox is a concept in voting theory where individual preferences cannot be aggregated into a consistent collective decision without creating contradictions.