Answer the following problems.

problem 1) Identify and prepare the ex of the four kinds of flows that link the U.S. economy with economies of other nations.

problem 2) describe the relative significance of U.S. exports of goods when compared to other industrialized countries and position of the U.S. exports as the percentage of total world trade.

problem 3) describe pattern of U.S exports and imports of goods and the services since 1975 both in terms of percentage of GDP and absolute dollars.

problem 4) Compare dollar value of U.S. exports and imports of goods and dollar value of U.S. exports and imports of services.

problem 5) prepare down the principle of imports and exports.

problem 6) prepare down most significant trading partner.

problem 7) Describe the principles of comparative advantage, terms of trade, and gains from trade.

problem 8) Describe how foreign exchange rates are determined and how the change in an international price of a currency can affect price of exports and imports and volume of exports and imports.

problem 9) describe four ways in which governments interfere with free trade among nations.

problem 10) describe the political reasons that influence governments to impose trade barriers.

problem 11) describe purposes of GATT and the WTO and describe the criticisms of the WTO.

problem 12) describe what you mean by a trade bloc or a free-trade zone and list two regional trade blocs.