Research and Answer the following questions: Each of the questions must have at least 200 words per answer, chapter 19 International Trade, you will be answering questions related to the purpose of microeconomics and the applications of concepts for economic measurements.
Do not use information from Internet, only textbooks.
– What are the major U.S. exports and imports? How does international trade affect U.S. consumption possibilities? (3 pts) 200 words
– What determines which goods a country should produce and export? (3 pts) 200 words
– What is the World Trade Organization (WTO) and how does it help foster multilateral trade? (Check the WTO website at http://www.wto.org/.) (4 pts) 200 words
– Firms hurt by cheap imports typically argue that restricting trade will save U.S. jobs. What’s wrong with this argument? Are there ever any reasons to support such trade restrictions? (5 pts) 200 words
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