The Balance of Trade Is

question 94

Multiple Choice

The balance of trade is:

• A) The number used in countertrade to be sure the trade is fair
• B) A nation's ratio of exports to imports
• C) The value of a country's exports
• D) The value of a country's imports

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Definitions:

Patents

Legal documents granting an inventor exclusive rights to produce, use, and sell their invention for a certain period, preventing others from copying.

Long-Run Supply Curve

A graphical representation that shows how the quantity of goods supplied by an industry changes over time in response to changes in price, assuming that all inputs can be varied.

Increasing-Cost Industry

An industry in which the costs of production increase as the industry's output expands, typically due to resource limitations or increased demand for inputs.