The difference between a country's ________ exports and its ________ imports is the balance of trade.
A. service; service
B. total; service
C. merchandise; merchandise
D. total; total
Answer: C
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a. True b. False Indicate whether the statement is true or false
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A) sensitivity of consumer purchases of a good to changes in the price of that good. B) change in total utility obtained by consuming one more unit of a good. C) change in total utility obtained by consuming another unit of a good divided by the change in the price of that good. D) total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed.