Directions: For each of the following pairs of trading partners, write which good each country would import and export in the space below.
The US sells wheatfor$1 per pound and wool for $2 per pound.
The UK sells wheat for $.50 per pound and wool for $2 per pound.
Germany sells tires for $20 each and glass windows for $5 each.
France sells tires for $15 each and glass windows for $10 each.
Spain sells fish for $3 each and yards of rope for $1 each.
The UK sells fish for $2 each and yards of rope for $2 each.
The US sells corn for $2 per cob and water for $3 per gallon.
Portugal sells corn $3 per cob and water for $4 per gallon.
Vietnam sells shirts for $1 each and oranges for $.50 each.
Australia sells shirts for $3 each and oranges for $1 each
Directions: Write the correct answer to the questions from the online lecture.
Why do countries trade?
What organization was created to control the price of a commodity?
What countries decide to produce is determined by access to resources, according to the lecture, what are those resources?
Who are the US’s biggest trading partners?
What are 2 advantages of economic unions?
What are 2 disadvantages of economic unions?
Answers
Answered by
1
Answer
1 - countries trade because some countries don;t have what other countries don't have.
2 - The first time price controls were enacted nationally was in 1906 as a part of the Hepburn Act
4 - China, Canada and Mexico
5 - Trade creation and trade diversion, Reduces trade deflection.
Explanation:
Similar questions