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January 16, 2021 

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WTO: The abbreviation for World Trade Organization, which is an international organization that oversees multilateral trade among nations. The WTO was established in 1995 by the Uruguay round of trade negotiations to replace the General Agreement on Tariffs and Trade (GATT) that had been in place for the preceding five decades. The WTO administers multilateral trade agreements, provides a forum for trade negotiations, handles trade disputes, monitors national trade policies, and provides technical assistance and training for developing countries. The WTO has about 150 member countries.

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TARIFF: A tax that's usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.

     See also | trade barrier | tax | import | export | nontariff barrier | quota | foreign trade |


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TARIFF, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: January 16, 2021].


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PLANT

The physical capital (building and equipment) at a particular location used for the production of goods and services. A plant, or factory, is usually a relatively large production operation (compared with something smaller, like a shop). While plant and firm are occasionally used synonymously, a given firm might own more than one plant and a given plant might be owned by more than one firm.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for deranged pelicans.
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The average bank teller loses about $250 every year.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

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Marginal Rate of Substitution
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