problem 1) describe the significance of international trade to the U.S. in terms of overall volume.

problem 2) prepare down the main imports and exports of the United States.

problem 3) prepare down two economic points which describe why nations trade.

problem 4) find out, 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.

problem 5) find out, when given suitable data, the range for the terms of trade.

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

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

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

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

problem 10) prepare down four kinds of trade barriers.

problem 11) describe economic impact of tariffs, including both direct and indirect effects.

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

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

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

problem 15) describe the main provisions of the WTO.