Question

1. Which of the following best describes the trade deficit in Goods (only) of the United...


1. Which of the following best describes the trade deficit in Goods (only) of the United States in December 2018?

a) $209.4 Billion b) $59.8 Billion c) $50.3 Billion d) $31.0 Billion

2. With how many countries does the United States currently have Free Trade Agreements?

a) 2 b) 15 c) 20 d) 48

3. According to Hufbauer, Cimino, and Moran, in recent years how many U.S. jobs were lost in importcompeting sectors and how many jobs were gained in export sectors because of NAFTA?

a) Lost 683,000 jobs per year because of imports, gained 203,000 jobs per year because of exports. b) Lost 203,000 jobs per year because of imports, gained 188,000 jobs per year because of exports. c) Lost 683,000 jobs per year because of imports, gained 741,000 jobs per year because of exports. d) Lost 40,500 jobs per year because of imports, gained 203,000 jobs per year because of exports.

4. Approximately what is the value of goods impacted by the current tariff war between the United and China?

a) $60 Billion b) $200 Billion c) $360 Billion d) $528 Billion

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Homework Answers

Answer #1

1. Option B

Explanation: As of December 2018, the exports of goods from the USA was $205.1 Billion and imports was $264.9 Billion. So, the trade deficit in goods was $264.9 Billion - $205.1 Billion = $59.8 Billion.

2. Option C

Explanation: Currently, the USA has free trade agreements with 20 countries, which are:

  • Australia
  • Bahrain
  • Canada
  • Chile
  • Colombia
  • Costa Rica
  • Dominican Republic
  • El Salvador
  • Guatemala
  • Honduras
  • Israel
  • Jordan
  • Korea
  • Mexico
  • Morocco
  • Nicaragua
  • Oman
  • Panama
  • Peru
  • Singapore
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