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Use the following to answer questions:
Figure: Trade 2
-(Figure: Trade 2) Refer to the figure. In this figure representing the market for oil, by how much will domestic oil consumption increase or decrease following a tariff on imported oil?
Trade Surpluses
An economic condition that occurs when a country's exports exceed its imports over a certain period of time, indicating a positive balance of trade.
Inflation Rates
The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.
Foreign Exchange Gain
A financial benefit resulting from changes in exchange rates, enhancing the value of foreign currency assets upon conversion.
Year-End
The conclusion of a fiscal year, marking the cutoff for financial reporting and the beginning of financial statement preparation for that period.
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