When Exports Exceed Imports There Is A(n)

question 41

Multiple Choice

When exports exceed imports there is a(n) :

• A)output gap.
• B)trade balance.
• C)trade surplus.
• D)trade deficit.

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Definitions:

Standard Costs

Predetermined costs for products or services used to measure against actual costs for performance management and budgeting.

Actual Costs

The real expenses incurred during a specific period, as opposed to budgeted or estimated costs.

Cost Variance

The difference between the actual cost incurred and the standard or budgeted cost, used in budgeting and financial analysis.

Standard Costs

Predetermined costs to manufacture a product, serving as a benchmark for measuring performance.