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  • ____________ production externalities occur when production has a beneficial effect in other markets in the economy. #281
  • __________ consumption externalities occur when consumption has a beneficial effect in other markets in the economy. #282
  • A first-best equilibrium occurs in a perfectly competitive market when ________ imperfections or distortions are present. #283
  • A second-best equilibrium arises whenever a market includes one or more ____________. #284
  • With a laissez-faire policy, the resulting equilibrium would be called _____________. #285
  • An economic rationale for government ______________ in the private market arises whenever there are uncorrected market imperfections or distortions.. #286
  • The Dispute Settlement Body is comprised of how many representative/s from each member country? #287
  • Trade policies, like tariffs or export taxes, are designed to directly affect the flow of goods and services between_______________. #288
  • A request or appeal sends the issue to an appellate board comprised of three judges drawn from a set of seven, each of whom has a _______ year term. #289
  • What is the main requirement for a country to have an absolute advantage in the production of a good or service? #290
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