In 2014, the U

question 47

Multiple Choice

In 2014, the U.S. surplus in service trade was approximately _____ and was _____ than that of the United Kingdom, its main service competitor.

• A) $100 billion; greater
• B) $50; less
• C) $100 billion; less
• D) $180 billion; greater

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Definitions:

Free Rider

An individual or entity that benefits from resources, goods, or services without paying for them, often leading to market failures.

Costs of Production

All expenses incurred in the process of creating and offering goods or services for sale, including raw materials, labor, and overheads.

Nonexcludable

A characteristic of a good or service that makes it impossible to prevent individuals who have not paid for it from having access to it.

Nonpaying Customers

Individuals or entities that receive goods or services without providing payment to the provider, often leading to revenue loss.