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Economics Quiz 2
produce more of a product
produce at a lower opportunity cost
Fixed Exchange Rate
doesn't change rates
limits on the number of a certain item tha tcan be imported
restriction of import/export to a country
open business compoetition without restrictions
Removes tariffs,quotas, other battiers for North America. Stands for NOrth American Free Trade Agreement
Worldwide. 80+ members. General Agreement on Tarriffs and Trade
Focusing on producing only a few products
Barriers to International Trade
Tariffs, quotas, embargoes
Why People Restrict Trade
Protect domestic jobs, infant industries, and national security