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(Table: Home and Foreign Prices for Manufacturing and Agriculture) Consider the information provided about the price of agriculture and manufacturing goods in two countries (Home and Foreign) . Under free trade conditions, Foreign will export ________ goods and Home will export ___________ goods.
Free-Trade Policy
A policy to eliminate import/export restrictions or tariffs among countries, facilitating a more free flow of goods and services across borders.
Exporting Steel
The process of producing steel in one country and selling it to buyers in another country.
Importing Incense
The process of bringing incense from foreign countries into one's own country for use, resale, or distribution.
Consumer Surplus
The imbalance between what consumers are willing and financially able to invest in a good or service against what they really spend.
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