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Chapter 19
A phenomenon by which economic agents in any given part of the world are more affected by
events elsewhere in the world than before; the growing integration of the national economies of
the world to the degree that we may be witnessing the emergence and operation of a single
worldwide economy.
A tax on imports.
Work done for a company by persons other than the original company’s employees in a country
other than the one in which the company is located.
The curve that shows a short-run worsening in net exports after a currency depreciation,
followed by an improvement.
Closed Economy
An economy that does not trade goods and services with other countries.
Open Economy
An economy that trades goods and services with other countries.
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