Define trade surplus and trade deficit
What will be an ideal response?
A trade surplus is a situation when a country exports more than it imports. A trade deficit is a situation when a country imports more than it exports.
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This year, Abigail earned $15,000 and she paid 15 percent in income and payroll taxes. She qualified for Medicaid and food stamps. For every $100 that she earns, Abigail loses $35 in Medicaid benefits and $15 in food stamps. Abigail faces an effective marginal tax rate of
a. 15 percent. b. 35 percent. c. 50 percent. d. 65 percent.
A decrease in population can be expected to
a. increase the marginal product of land. b. decrease the supply of land. c. decrease the rents on land. d. increase the demand for land.
Which of the following policy obstacles could occur because it is difficult to know how market participants will respond to specific policies?
A. Design problems. B. Goal conflicts. C. Implementation problems. D. Measurement problems.
If one worker can pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the:
A. marginal revenue product of each worker is $25. B. marginal revenue product of the first worker is $20. C. marginal revenue product of the second worker is $20.