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  • The ultimate result of the collection of trade figures is a net total known as __________________. #391
  • The objective for trade balances objective is to achieve ____________ or sufficient surpluses to pay off a country’s debts #392
  • A country whose balance of payments shows consistent deficits is said to be in ‘______________. #393
  • A country with a ____________ in its balance of payments is said to be a ‘creditor nation’. #394
  • If a country incurs a deficit in its balance of payments, it is said to be a ______________ because it has spent more than it has earned. #395
  • Protectionism refers to government policies that ____________ international trade to help domestic industries. #396
  • A tariff is a _________ or import duty on goods or services. #397
  • Members agree to reduce or abolish trade barriers such as tariffs and quotas between themselves but retain their own individual tariffs and quotas against non-members. Such an area is called: #398
  • The endogenous economic growth models was devised by #399
  • The L/C which can be cancelled or amended by either party is called: #400
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