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  • In a democratic society, governments are called on to take actions that are in the interests of their ______________. #271
  • Improvements in production efficiency mean that countries can ____________more goods and services with the same amount of resources. #272
  • In the presence of market imperfections or distortions, selected protection can often raise a country’s national ___________. #273
  • The theory shows that when private markets have market imperfections or distortions present, it is possible to add another distortion, such as a trade policy, and improve economic efficiency both domestically and worldwide. #274
  • In democratic societies, government representatives and officials are meant to carry out the wishes of the _____________. #275
  • Which of the following is NOT an argument to support free trade? #276
  • One of the problems with using some types of selected protection arises because of the possibility of retaliation by other countries using _____________policies. #277
  • Any situation that deviates from the explicit or implicit assumptions of perfect competition leads to market__________________. #278
  • A ___________ consists of two firms operating in a market. #279
  • Large importing countries and large exporting countries have a market ______________ present. #280
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