When the costs of an action are NOT fully borne by the two parties engaged in a transaction, this is called a(n)

In a competitive labor market, a minimum wage law set above the equilibrium wage rate

A) creates a shortage of labor. B) causes equality between the quantity of labor supplied and the quantity demanded. C) creates a surplus of labor. D) lowers the wage rate paid to workers. E) has no impact.

In the table above, what do net exports equal?

A) a deficit of $700 billion B) a deficit of $350 billion C) a surplus of $50 billion D) a surplus of $1,750 billion