unit cost reductions associated with a large scale output. are most significant when a technologically complex tax is repeated. You just studied 86 terms!
Which of the following is true of the relationship between trade and economic growth? Countries open to international trade display higher growth rates than those that close their economies to trade.
Tariffs are meant to protect domestic industries by raising prices on their competitors' products. However, tariffs can also hurt domestic companies in related industries while raising prices for consumers. Tariffs can also erode competitiveness in the protected industries.
The balance of trade is one of the key components of a country's gross domestic product (GDP) formula. GDP increases when there is a trade surplus: that is, the total value of goods and services that domestic producers sell abroad exceeds the total value of foreign goods and services that domestic consumers buy.