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Chapter 16 (Advantage and Disadvantages of International Trade (absolute…
Chapter 16
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Misery Index
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-the misery index is a comprehensive measure of consumer suffering during periods of high inflation and unemployment
NAFTA
an agreement to liberalize free trade by reducing tariffs among three major trading partners: Canada, Mexico, and the United States
Before NAFTA, United States goods entering Mexico faced an average tariff of 10 percent
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European Union
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In January 1993, the EU became the single largest unified market-in teams of population and output
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