Chapter 9 - Application: International Trade

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Macroeconomics

International Trade

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4 Terms

1
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comparative advantage
Gains from trade are based on ________, not absolute advantage.
2
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domestic quantity
The ________ supplied differs from the ________ demanded.
3
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tariff
When ________ raises the domestic price, the domestic sellers are better off and domestic buyers are worse off.
4
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tariff
A(n) ________ raises the domestic price of products above the world price.