Briefly explain whether the value of U.S. exports is typically larger or smaller than the value of U.S. imports.
Are imports and exports now a smaller or larger fraction of GDP than they were 40 years ago?
Briefly explain whether you agree with the following statement: "International trade is more important to the U.S. economy than it is to most other economies."
If the United States were to stop trading goods and services with other countries, which U.S. industries would be likely to see their sales decline the most? Briefly explain.
Briefly explain whether you agree with the following statement: "Japan has always been much more heavily involved in international trade than are most other nations. In fact, today Japan exports a larger fraction of its GDP than Germany, Great Britain, or the United States,"
Why might a smaller country, such as the Netherlands, be more likely to import and export larger fractions of its GDP than would a larger country, such as China or the United States?
(Related to the Chapter Opener on page 215 and the Making the Connection on page 217 ) New Balance manufactures shoes in the United States, so you might expect that the firm would benefit from a tariff on shoes. Yet New Balance did not actively oppose the Obama administration's attempts to eliminate the shoe tariff imposed on countries that would be part of the Trans-Pacific Partnership. Briefly explain New Balance's position.