Present participle would be 'clipping'. Perfect participle would be 'having clipped'. Therefore, the only option left is 'past participle'.
Standard margin size is one inch on each side of the paper
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They’re similar since they end in -ter and -tor, which generally sound similar, but they’re different as “director” is a noun meaning a person who directs something, while “shatter” is a verb meaning to break something into tiny pieces (you can shatter a window, a glass, a plate, etc).