DeVry ECON 312 Week 7 Assignment
Question # 1) Define trade deficit and a trade surplus. Does the United States have a trade deficit or surplus in goods? Service? (7 points)
Question # 2) What are the major imports and exports of the United States? (7 points)
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Question # 3) Cite three important reasons why nations trade. (7 points)
Question # 4) What insights about international trade came from Adam Smith? (7 points)
Question # 5) What does it mean to have an absolute advantage in the production of two goods? (7 points)
