When a Country Imports More Than It Exports, It Has

question 30

Multiple Choice

When a country imports more than it exports, it has a:

• A) trade deficit.
• B) trade surplus.
• C) zero trade balance.
• D) policy which forbids exportation.

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Definitions:

Total Revenue

The total receipts from sales of goods or services provided by a company.

Perfectly Competitive Market

A market structure characterized by many buyers and sellers, all of whom have full information and the products are homogeneous, leading to no single buyer or seller being able to influence the market price.

Quantity Of Output

The total amount of goods or services produced by a company, sector, or economy during a specified period.

Marginal Revenue

The extra revenue earned by selling an additional unit of a product or service.