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What impact do trade policies, such as tariffs and quotas, have on the standard of living?
Normal Good
A good for which demand increases as the income of the individual or economy increases, and decreases when the income decreases.
Income Increases
Refers to the rise in the monetary earnings of individuals or entities over a period.
Sushi
A traditional Japanese dish made of vinegared rice, often accompanied by various ingredients such as seafood, vegetables, and occasionally tropical fruits.
Equilibrium
The state in a market where supply equals demand, and there is no external pressure for the market price or quantity to change.
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