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1.Total ouput will be greatest when each good is produced by the nation that has the lowest domestic opportunity cost.
5.TV's made in China sold in United States for low prices
6.Has the world's largest combined volume of imports and exports.
11.Rules and Regulations making it difficult for Foreign Companies to make an acceptable item for import
12.Textiles, Electronics, Toys, and Apparel
14.When Imports exceed Exports
21.The advantage a producer has if he can produce more or a product with the same resources.
27.As higher prices increase, this happens
34.The latest round of WTO negotiations
35.When Exports exceed Imports
36.Has the world's largest percentage of exports.
37.2002 Law that provides cash assistance, education benefts, et cetera to workers displaced by imports
38.Happens when Domestic Producers are not subject to Tariffs
39.Price that equates the quantities supplied and demanded globally
2.A Producer has a _____ when it can produce a product at a lower opportunity cost than another producer.
3.Arguement supporting tariffs to promote domestic employment
4.Short name for a free trade area
7.Goods Exchange Ratio between Nations
8.Government Payments to a Domestic Producer
9.International Outsourcing
10.The False idea that what is true for the part is necessarily true for the whole.
12.Wool, Meat, Vegetables
13.Trade Barrier by which Foreign Firms voluntarily restrict the number of exports to a particular country.
15.The 16 nations of the EU that use the Euro is referred to as the ____.
16.Price that would prevail in a closed economy
17.The extra output that trading partners obtain through specialization of production and and exchange of goods/services.
18.Import Tax
19.Economic Effects of a Protective Tariff or Import Quota
20.Tax intended to protect domestic business
22.Largest Exporter of Goods and Services as a precentage of GDP.
23.Import Tax intended to creat Revenue for Federal Government
24.Slopes Upward
25.Shows amounts of two products a nation can obtain via specializing in one and trading for the other
26.Oversees trade agreements reached by member nations
28.Slopes Downward
29.Airplanes, Cars, Machinery
30.Act that caused a 1930 "trade war"
31.What one country gives up for an additional unit of a resource compared to another
32.Limit on imports.
33.Association of 27 European Countries that has elminated tariffs and quotas amongst themselves.

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