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-Consider Table 18.1.With free trade in the West,fish consumption __________ and potato consumption __________ ,compared to autarky.
Interest Rate
The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
Net Present Value
The difference between the present value of cash inflows and the present value of cash outflows over a period of time.
Interest Rate
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the outstanding loan.
Discounting
The procedure used to calculate the present value of future income, which is inversely related to both the interest rate and the amount of time that passes before the funds are received.
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