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What are the two ends of the continuum of economic systems? Trade deficit;Trade surplus Communism;Pure Competition Small GDP;Large GDP Goods-oriented; Service-oriented

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter17: Growth And Less Developed Countries

Section: Chapter Questions

Problem 9SQ

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Question

What are the two ends of the continuum of economic systems?

Trade deficit;Trade surplus

Communism;Pure Competition

Small GDP;Large GDP

Goods-oriented; Service-oriented

Definition Definition Situation in which a country spends more on imports than it makes through exports. When a trade deficit exists, net exports will be negative. Trade Deficit = (Imports) - (Exports)

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