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Economics Chapter 16

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Term
Definition
top 5 imports   machines, oil, vehicles, electronics, medical  
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top 5 exports   machines, oil, vehicles, electronics, aircraft  
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2 countries/biggest surplus   Brazil, Netherlands  
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2 countries/biggest deficit   China, Japan  
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3 examples of U.S. imports   industrial diamonds, strontium, tin  
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5 barriers to international trade   tariffs, quotas, rigorous health inspections on imported goods, use health services, require licenses to import  
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6 arguments for protection   aiding national defense, promoting infant industries, protecting U.S. jobs, keep money at home, helping balance of payments, national pride  
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4 arguments for trade   better products, allows countries to specialize in comparative advantage, tariffs hurt economy, save money  
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5 weak dollar   gas goes up, imports, foreigners travel to US to buy US goods, expensive travel, expensive foreign cars  
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3 strong dollar   foreign goods cheaper, oil cheaper, travel cheaper  
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10 Japanese    
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