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3 cards from this section. Quick, good the night before a test.
Define globalization in your own words.
Think about how trade happens on a global scale.
What is a tariff?
Consider why a country might want to impose a tax.
What does globalization refer to?
Consider how trade relationships evolve across countries.
True or False: A tariff decreases the price of imported goods.
Think about the purpose of tariffs.
Analyze a case where a country imposes tariffs on imports. How might this affect local consumers and businesses?
Think about both immediate effects and long-term market adjustments.
If you were advising a country with both absolute advantages in several goods, how would you guide their trade relationships?
Consider how trade partnerships can be strategically developed.
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