The Value of Exports Minus the Value of Imports Is

question 117

Multiple Choice

The value of exports minus the value of imports is called the:

• A) trade value.
• B) net budget balance.
• C) balance of trade.
• D) net trade value.

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Definitions:

Wage Rate

Wage rate is the fixed amount of compensation or payment given to an employee by an employer in return for work performed.

Workers Hired

Refers to the process of employing individuals to perform various tasks and functions within an organization or business.

Marginal Physical Product

Represents the additional quantity of output that is produced by utilizing one more unit of a variable input, holding all other inputs constant.

Perfect Competitor

A Perfect Competitor refers to a market participant in a perfect competition market structure, where there are many buyers and sellers, and none can influence the market price.