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What causes the production possibility curve to be bowed out?
Tariffs
Taxes imposed by a government on imported goods to protect domestic industries and generate revenue.
Allocation
The process of distributing resources or tasks among people or groups based on a specific criteria.
Efficient Industries
Industries that achieve maximum productivity with minimum wasted effort or expense.
Comparative Advantage
The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, leading to more efficient global production and trade.
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