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12 ECON Vocab 17 Quiz

Select the Definition that corresponds to the displayed Term.
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1. foreign exchange




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2. trade deficit




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3. most favored nation clause




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4. North American Free Trade Agreement (NAFTA)




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5. World Trade Organization (WTO)




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6. absolute advantage




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7. trade surplus




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8. trade-weighted value of the dollar




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9. fixed exchange rate




Select the Term that corresponds to the displayed Definition.
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10. ability to produce a product relatively more efficiently or at a lower opportunity cost




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11. difference between the money a country pays to and receives from other countries




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12. goods and services produced in one country and shipped to another




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13. tax on imports designed to increase their price in the domestic market




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14. tax on imports designed to protect less efficient domestic industries




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15. limit on the quantity of a product that may be imported




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16. selling products abroad at less than it costs to produce them




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17. tax placed on imported goods that will generate revenue without prohibiting imports




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18. people who favor few or no restrictions on trade with other countries





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