Reference no: EM133217674

1. How much does international trade affect you personally? Look at any 10 items around your home that you have purchased in the last year. Where were they made? How many were made in America, compared to how many were foreign-made? What things does America export to other countries? What things does America import from other countries? Explain, in detail, how comparative advantage and opportunity costs contribute to the benefits of international trade.

2. What is a tariff? Who ultimately pays the tariff? Who gets the proceeds from the tariffs? What is the money used for? Discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers) of tariffs on imports to the U.S. and retaliatory tariffs imposed by foreign countries on U.S.-made goods.

3. In considering the foreign trade issue, discuss how the backgrounds, education, and cultures of the people in the U.S. and the cultures in each trading country affect their understanding of foreign trade's importance. Discuss the importance of understanding and accepting multiple cultural differences in a global context. What are some of the possible negative impacts on international trade if we do not understand and respect cultural differences? What recommendations would you suggest to increase American understanding and acceptance of foreign cultures?