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-Refer to Figure 8-8. The total cost at the profit-maximising output level equals
Exports
Items or services transferred from one country to another for commerce or trading.
Imports
Goods and services brought into a country from abroad for sale.
Trade Deficit
It occurs when a country's imports exceed its exports over a certain period, leading to more money leaving the country than entering it.
High Tariffs
Elevated taxes imposed on imported goods to protect domestic industries by making foreign products more expensive compared to local products.
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