Main imports and exports of the united states

Question

Question 1) Explain the significance of international trade to the U.S. in terms of overall volume.

Question 2) Write down the main imports and exports of the United States.

Question 3) Write down two economic points which describe why nations trade.

Question 4) Calculate, when given suitable data, the relative costs of producing two commodities in two countries and find out which nation has the comparative advantage in each good.

Question 5) Calculate, when given suitable data, the range for the terms of trade.

Question 6) Compute the potential gains from trade and specialization for each nation and the world when given appropriate data.

Question 7) State the economist’s case for free trade.

Question 8) Describe the relationship between world prices and American export supply curve, and the relationship between world prices and American import demand curve.

Question 9) Describe international equilibrium price and quantity using a two-nation market model for import demand and export supply.

Question 10) Write down four kinds of trade barriers.

Question 11) Explain economic impact of tariffs, including both direct and indirect effects.

Question 12) Contrast the economic impact of quota with that of a tariff.

Question 13) Name seven arguments in favor of protectionist barriers, and critically evaluate each.

Question 14) Identify the costs of protectionist policies and their effects on income distribution.

Question 15) Explain the main provisions of the WTO.