The Difference Between a Country's Exports and Its Imports of Goods

question 141

Multiple Choice

The difference between a country's exports and its imports of goods and services is known as the:

• A) trade balance.
• B) balance of payments on goods and services.
• C) balance of payments on current account.
• D) balance of exchange.

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Definitions:

Technological Advance

Refers to the development and application of new technologies and innovation that improve processes, products, or services.

Independent Advance

Progress or development achieved through actions or efforts that are free from external control or influence.

Profit Incentives

Motivations for individuals or companies to undertake activities that increase their profits.

Capitalism

An economic system based on private ownership of the means of production and their operation for profit, characterized by a free market and open competition.