Reference no: EM133522429

Case Study: The CIA World Factbook provides information about hundreds of countries around the world. This includes facts about different national economies. In this assignment, use this resource to research two trading partners of the United States. To gather information, visit the CIA World Factbook, navigate to the Countries tab, and locate the webpage for the United States. You can also navigate directly to the United States webpage of the CIA World Factbook. You will want to focus on the Economy section. You may also choose to research on other websites. You will use the information you gather to answer the following questions. Be sure to answer each question regarding both countries you selected.

Questions:

1. Are the economies of the nations emerging or developed? How do you know?
2. How do the countries benefit from trading voluntarily with each other?
3. Are any of the countries you selected part of trade agreements with the United States? If so, what are the effects of being part of the trade agreement? If any of the countries are not in a trade agreement with the United States, how might the World Trade Organization support their trade?
4. In what ways are these countries economically interdependent?
5. What are the current exchange rates for each country? How do you think the strength of the dollar affects each country's economic decisions?
6. What would a product cost when trading (select a product of your choice)?
7. What is an example of comparative advantage that each country has for the production of a specific good?
8. What is the difference between a trade deficit and a trade surplus? Does the United States have a trade deficit or trade surplus with these countries? Use/make a chart or graph to depict this information.