A nation's ________ is the economic value of all of the products that a company exports minus the economic value of its imports.
A) standard of living
B) balance of trade
C) balance of payments
D) national debt

Question

Quizplus · Accepted Answer

The balance of trade measures the difference between a country's exports and imports of goods. It is calculated by subtracting the value of a country's imports from the value of its exports. If a country exports more than it imports, it has a positive balance of trade or a trade surplus. If it imports more than it exports, it has a negative balance of trade or a trade deficit. The balance of payments, on the other hand, includes not only the balance of trade but also other transactions such as international investment and financial transactions. The national debt is the amount of money a country owes to its creditors. The standard of living refers to the level of wealth, comfort, and material goods available to a population.

A Nation's ________ Is the Economic Value of All of the Products