Question 1 Evaluating the impact of international trade on the economy depends on definitions of economic progress. For example, year-over-year improvements in the metrics of gross domestic product (GDP) or GDP per capita can measure changes in the overall economic position of a nation (Krugman & Wells, 2009; Mankiw, 2011)....

I feel the effects of international trade every time I can buy bananas from South America, coffee from Brazil, and wine from Italy. International trade expands domestic markets with imported goods and services that are not available from local producers or compete with them. The variety of vast range of...

Almost all world countries depend on one another to necessitate their various trading activities. Thus, trade restrictions are likely to cause harm to the economies of countries in the sense that some commodities are readily available in some countries whereas they are scarce in others. For instance, crude oil is...

The rapid economic development in many countries implies that it is important for them to strengthen their position in the global market. This can be achieved if every country is independent in terms of finance, something that is not easy to obtain, maintain, as well as sustain. The reason behind...

Over the past few years, trade relations between China and the United States have changed significantly as a result of Chinese manufacturers’ ability to produce a wide range of goods at remarkably competitive prices. As can be seen from the graph below, in 2012 the US-China trade balance amounted to...