Whenever the Value of a Nation's Exports Is More Than

question 88

Multiple Choice

Whenever the value of a nation's exports is more than the value of its imports, the nation has:

• A) a trade deficit.
• B) a trade surplus.
• C) balanced trade.
• D) a trade balance.

---

Definitions:

Long Run

In economics, a period in which all factors of production and costs are variable, and firms can enter or exit the market.

Resources Fixed

A situation in an economic model where the availability of resources is constant and unchanging over time.

Output Variable

A variable that represents the result or outcome of a process or model.

Production Capacity

The maximum output that a company or economy can produce under normal conditions within a given period, often influenced by available resources and technology.