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5 Cards in this Set
- Front
- Back
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comparative advantage
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the situation where a country can produce a good at lower opportunity cost than another country can.
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tariff
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a tax on imports
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quota
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a legal limit on the amount of a good that may be imported
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dumping
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the sale of goods abroad at a price below their cost and below the price charged in the domestive market
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"vluntary" export restraint
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an agreement between 2 countries in which the exporting counrty "volunatiryl" agress to limit its exports to the importing country
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