Reference no: EM133402511

Questions

1. Revisit PengAtlas Maps 2.1 (Top Merchandise Importers and Exporters) and 2.2 (Top Service Importers and Exporters) on P.4 - 5 of the Chapter 5 PowerPoint. Compare the global position of the United States in merchandise versus service imports and exports. Does the United States have an absolute and/or comparative advantage in either merchandise or services? Please explain.

2. Looking at the monthly trade infographic (https://www.trade.gov/trade-stats-express), given the size of U.S. exports, why does the United States import so much? Why not use resources in the U.S. to produce the things the U.S. currently imports instead of using them to produce exports?

3. Looking at the trade factsheets by state, what goods do North Dakota export and import the most? Please state the factory endowment theory and use it to explain why North Dakota exports or imports these goods.

4. According to the video in the introduction section, which of the following entity has not significantly benefited from GATT:

A tobacco company that produces nearly all of its products overseas

A middle-aged worker, who prior to GATT, worked without any regulation on the minimum wage

A marketing firm that works exclusively on the domestic market

A PR firm that rendered a significant number of services in Asia, Australia, and South America

5. A small country feels that its rights in international trade are being broken by a larger and more influential country. Which international organization can help mediate the dispute?

International Monetary Fund

World Trade Organization

World Trade Committee

NAFTA