Name Two Mechanisms Cited in the Textbook That Nations Use

question 397

Short Answer

Name two mechanisms cited in the textbook that nations use to protect their economies against foreign competition.

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Definitions:

Current Account Surplus

A current account surplus occurs when a country's total exports of goods, services, and transfers exceed its total imports, indicating it is earning more from foreign trade than it is spending.

Unilateral Tariff

Tariffs imposed by one country on the imports from all or specific nations, without reciprocal action.

Imported Goods

are items brought into a country from abroad for sale or use, typically involving a transaction between an importer and a foreign producer.

Chinese Yuan

The official currency of the People's Republic of China, used as a medium of exchange and a store of value.