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Common external tariff |
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Common external tariffThe single tariff rate agreed to by all members of a customs union on imports of a product from outside the union.Similar MatchesExternal economyExternal economyPositive externality. External economies of scaleExternal economies of scaleA form of increasing returns to scale in which productivity and thus costs of individual firms depend on the output of their entire industry, rather than just their own. Unlike more conventional (internal) scale economies, these are consistent with perfect competition. Positive externalityPositive externalityA beneficial externality; that is, a beneficial effect of one economic agent's actions on another. Considered a distortion because the first agent has inadequate incentive to act. Examples are the attractiveness of well-kept farms for the tourism industry (a production externality) and reduced contagion of disease due to vaccines (a consumption externality). External debtExternal debtThe amount that a country owes to foreigners, including the debts of both the country's government and its private sector. Production externalityProduction externalityAn externality arising from production. Further SuggestionsExternalities argument for protectionConsumption externality Harmful externality External increasing returns to scale Externality External diseconomy External balance Negative externality External funds |
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