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23% 31% 25% 1. Most of our imports come from with (developed/developing) nations. 2. Quantitatively, our most important trade partner is (Japan/Mexico/Canada/Germany/Djibouti).
3. American exports of goods/services average about (30%/25%/11%/4%) of GDP.
4. According to the theory of comparative advantage, a good should be produced in that nation where its cost is (most/least) in terms of alternative goods which might otherwise be produced.
5. The ratio at which nations will exchange two goods is the (domestic comparative [opportunity] cost/terms of trade). 6. A (quota/tariff) is an excise tax on imported goods.
7. If the U.S. eliminates tariffs on Cuban rollerblades, we would expect the price of Cuban rollerblades to (increase/decrease) in the U.S. Also employment would (increase/decrease) in the Cuban rollerblade industry.
8. The SmootHawley Tariff of 1930 established very (low/high) tariffs on goods imported to the U.S. 9. GATT included over 100 nations and emphasized tariff (redu...
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