A _____________ occurs when the value of imported goods and services is less than the value of exported goods and services.
A) trade deficit
B) trade surplus
C) market deficit
D) market surplus

Question

Quizplus · Accepted Answer

A trade surplus occurs when the value of exported goods and services is greater than the value of imported goods and services. A trade deficit, on the other hand, occurs when the value of imported goods and services is greater than the value of exported goods and services. Market deficit and market surplus are not relevant to the concept of international trade.

A _____________ Occurs When the Value of Imported Goods and Services