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New Trade Theory Stresses That in Some Cases Countries Specialize

question 86

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New trade theory stresses that in some cases countries specialize in the production and export of particular products because the world market can support only a limited number of firms.


Definitions:

Unemployment Rate

The percentage of the labor population that is job-free but in active pursuit of employment.

Labor-Force Participation Rate

The portion of the working-age population that is engaged in or seeking employment, including both employed and unemployed individuals.

Unemployment Rate

The percentage of people in the labor pool who are without employment and are actively hunting for jobs.

Labor-Force Participation Rate

The percentage of the working-age population that is in the labor force, including both employed and unemployed individuals.

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