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In two-dimensional Cartesian coordinate systems, what unit is used for the vertical axis?
Real Exchange Rate
The rate at which a person can trade goods and services of one country for those of another, adjusted for inflation.
Import Quota
A limit set by a government on the quantity of a specific good that can be imported into the country.
Interest Rate
The amount charged by lenders to borrowers for the use of money, expressed as a percentage of the principal per period of time.
Open-Economy Macroeconomic Model
A model that analyzes an economy that interacts freely with other economies around the world, focusing on trade and financial flows.
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