Net Exports of a Country Are the Value of

question 78

Multiple Choice

Net exports of a country are the value of

• A)goods and services imported minus the value of goods and services exported.
• B)goods and services exported minus the value of goods and services imported.
• C)goods exported minus the value of goods imported.
• D)goods imported minus the value of goods exported.

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Definitions:

Production Function

A mathematical model that describes the relationship between inputs used in production and the resultant output.

Maximum Output

The highest amount of production that a company can achieve within a given period with the available resources.

Inputs

The resources, materials, and labor that are used in the production process to create goods and services.

Technology

The application of scientific knowledge for practical purposes, especially in industry and commerce.