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UNC PLCY 110 Final Questions And Answers Solved 100% Correct!!
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gains from trade - Each country can concentrate its efforts on what it does best (specialize) and 
trade some of those goods for goods that other countries produce most efficiently 
Protectionism - Government policy of restricting imports to "protect" domestic industries from 
foreign competition 
race to the bottom - a dynamic in which states compete to attract business by lowering taxes and 
regulations, often to workers' detriment 
S-shaped curve - shows income in the future as opposed to ...