Assignment task: Address the following:
1. Evaluate non-monetary benefits that open trade has contributed to the world since the end of World War II.
2. Provide at least 2 examples of the above benefits and explain why you believe each is important.
3. Analyze how changes to U.S. trade and tariff policies affected U.S. trade with other nations.
4. Analyze 2 credible economists' opinions on the effects of the 2 of following factors with respect to the total U.S. trade balance. Find 1 economist who is less concerned about trade deficits, who thinks they are less important or that they mean something else is good (U.S. consumers have more disposable income for example). Then find another economist who is more concerned, (he or she may see a trade deficit as having adverse employment effects, for example). Weigh in their different perspectives and state whether you agree or disagree with their assertions, providing the logic behind your thinking. The factors to analyze include:
- Tariffs
- Changing trade agreements
- Manipulating exchange rates