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| A global perspective on world trade views exports and imports as complementary economic flows: A country’s imports affect its exports and exports affect its imports. This phenomenon is called the and is one argument for free trade among nations. |
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| a. symbiotic commercial transaction. b. trade feedback effect c. product exchange loop d. balance of trade e. trade equity |
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| _______________ is the monetary value of all goods and services produced in a country during one year. |
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| The difference between the monetary value of a nation's exports and imports is called its |
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The practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas is called: |
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| The _______________ is a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions. |
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