TAMIU Macroeconomics 2301 Chapter 5 & 7 Part I

TAMIU Macroeconomics 2301 Chapter 5 & 7 Part I -...

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Economics Exam GDP – United States percentage exports of GDP are 26% GDP – It’s the total market value of all final goods and services produced annually within the  boundaries of the U.S. whether by U,S, - or foreign-supplied resources Real GDP – A GDP that have been deflated or inflated to reflect the changes in the price level HTS - The Harmonized Tariff Schedule of the United States (HTS) was enacted by Congress  and made effective on January 1, 1989, replacing the former Tariff Schedules of the United  States. The HTS comprises a hierarchical structure for describing all goods in trade for duty,  quota, and statistical purposes. This structure is based upon the international Harmonized  Commodity Description and Coding System (HS) Comparative Advantage – U.S. sells shoes for $1 and Mexico for $2 U.S. Absolute advantage – U.S. can sell more of 2 things better than Mexico
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This note was uploaded on 03/27/2008 for the course ECON 2301 taught by Professor Staff during the Spring '08 term at TAMU Intl..

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TAMIU Macroeconomics 2301 Chapter 5 & 7 Part I -...

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