96. The term “trade deficit” refers to:
a) The excess of exports over imports in a country
b) The excess of imports over exports in a country
c) The excess of government revenue over expenditure
d) The excess of government expenditure over revenue
97. The term “comparative advantage” refers to:
a) The ability of a country to produce a good or service at a lower opportunity cost than another country
b) The ability of a country to produce a good or service with the highest value
c) The ability of a country to produce a good or service at the lowest cost
d) The ability of a country to produce a good or service with the highest quality
98. The term “exchange rate” refers to:
a) The rate at which goods are exchanged between countries
b) The rate at which a country’s currency can be exchanged for another currency
c) The rate at which domestic prices are determined
d) The rate at which interest rates are determined in the economy
99. The term “monetary aggregate” refers to:
a) The total value of all goods and services produced in an economy
b) The total value of money supply in an economy
c) The total value of imports and exports in an economy
d) The total value of investment in an economy
100. The term “financial market” refers to:
a) The market where goods and services are bought and sold
b) The market where foreign currencies are bought and sold
c) The market where financial instruments such as stocks and bonds are bought and sold
d) The market where labor and employment are traded
