Practice, Question 07 A country has a(n) than any competitor. 0 absolute advantage 0 comparative advantage 0 trade surplus trade deficit 0 in making a product for which it can maintain a monopoly or that it can produce at a lower cost Practice, Question 08 The difference between a nation's imports and its exports is called the 0 exchange rate. 0 balance of payments. 0 budget deficit. balance of trade. Practice, Question 09 A balance-of-payments surplus means that 0 more money has moved into a country than out of it. more money has gone out of the country than has entered it. imports are greater than exports. exports are larger than imports. Practice, Question 10 Which of the following is true about exchange rates? 0 Exchange rate changes can quickly create a competitive advantage. 0 Exchange rates are fixed by treaty. Exchange rates do not change much over time. 0 Exchange rates are simpler for currencies such as the Russian ruble. Practice, Question 11 Canada's top export in 2014 was consumer goods. 0 food products. 0 forestry products. 0 energy products.