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What is the definition of GDP (gross domestic product)?
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
Why does economic specialization make trade between countries easier?
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
What is an embargo?
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
What is human capital?
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
Most major economic decisions in North Korea are made by
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
What is economic specialization?
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
What is a quota?
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
What is a tariff?
skills and education the workers have
A limit to the number of foreign-produced goods that are allowed into the country
the total value of goods and services a country produces in a year
producing a good at a lower cost than other countries and using that good to trade for other goods
A halt to trade with a particular country for economic or political reasons
A tax placed on goods coming into one country from another
Premier Kim Jong-Un
Countries can produce those things they make best and trade with others for what they need
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