Examlex
Explain the basic macroeconomic policy trilemma for open economies.
Comparative Advantage
The ability of a country or individual to produce a good or service at a lower opportunity cost than another entity, leading to more efficient trade.
Tariffs
Taxes on imported goods and services, imposed to raise revenue and/or protect domestic industries from foreign competition.
Import Quotas
Government-imposed limits on the volume of specific goods that can be imported, aimed at protecting domestic producers by controlling market supply.
Globalization
The integration of national economies into a worldwide economy.
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