1) List all the significant points of international trade to U.S. in terms of overall volume.
2) Specify the chief imports and exports of United States.
3) Illustrate 2 economic points which will describe why nations generally trade.
4) Determine, when given suitable data, the relative costs of generating two commodities in the two countries and find which nation has comparative benefit in each good.
5) Determine, when given suitable data, the range for the terms of trade.
6) Determine the potential gains from the trade and specialization for every nation and world when given suitable data.
7) Specify the economist’s case for the free trade.
8) Describe the relationship between world prices and the American export supply curve, and relationship between the world prices and the American import demand curve.