--%>
Assignment Help - homework help

Explain the Trade pattern of U.S. and World Trade

Explain the Trade pattern of U.S. and World Trade?

E

Expert

Verified

1. The U.S. has a trade deficit in goods.  In 1999 U.S. imports exceeded exports of goods by $346 billion.

2. While we have a deficit in goods trade, U.S. export of services exceeds the import of services by $81 billion.

3. The U.S. imports some of the same categories it exports.  Specifically they are automobiles, computers, chemicals, and semiconductors.

4. Most U.S. trade is with industrially advanced countries.

5. Canada is the United States’ most important trade partner quantitatively.  Twenty four percent of U.S. exports sold went to Canadians, who in turn provided 20 percent of U.S. imports.

6. The U.S. has sizable trade deficits with Japan and China.  In 1999, the U.S. trade deficit with Japan was $75 billion.  There was also a sizable trade deficit with China.

7. In 1999 the U.S. imported $24 billion of goods (mainly oil) from OPEC nations, while exporting $12 billion to those countries.

   Related Questions in Business Economics

  • Q : Exchange rate in purchasing power parity

    Question: In June 2005, a Big Mac sold for 6,000 pesos in Colombia and $3.00 in the United States.  The exchange rate in June 2005 was 2,300 pesos per US Dollar.  So, on Big Mac purchasing power parity gr

    		•
  • Q : Average Revenue and Marginal Revenue

    When the market price is $25, then the average revenue of selling five units is: w) $5. x) $12.50. y) $25. z) $125. Please guys help me to solve out this type of problem regarding profit in a perfectly competitive market

    		•
  • Q : Construct a 2-D graph which comprises

    How to construct a 2-D graph which comprises drawing a horizontal and a vertical axis?

    		•
  • Q : Activities of speculators in long turn

    The activities of speculators tend to, in the long run: (w) decrease the volatility of prices. (x) attract legal attention resulting in imprisonment. (y) increase the level and volatility of prices. (z) yield tremendous profits and raise costs to cons

    		•
  • Q : Advantage in production of two products

    Explain by giving example of an absolute advantage in production of two products?

    		•
  • Q : Consumer and producer surplus in the

    In perfectly competitive market, the market demand and market supply curves are provided by Qd = 1000 −10Pd and Qd = 30Ps. Assume that the government gives a subsidy of $20 per unit to each and every seller in the mark

    		•
  • Q : Illustrate the rate of exchange of two

    Illustrate the rate of exchange of two products?

    		•
  • Q : Limitations of activities to generate

    Illustrations of activities which generate negative externalities would not comprise: (w) burning coal that results in acid rain. (x) smoking a cigar at the opera. (y) killing fish by dumping sewage into a river. (z) being inoculated against a contagi

    		•
  • Q : State of good or service at last unit

    Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.

    		•
  • Q : Principle of comparative advantage When

    When Gene can make three pairs of cowboy boots per week or one saddle whereas Roy can make either two pairs of boots or two saddles, Gene will form boots whereas Roy makes saddles according to the: (i) Law of Occam’s Razor. (ii) Principle of comparative advantag

    		•