Description
Find one or more articles about a good/service the United States exports and a good/service the United States imports. In a well-written paper, explain the following:
- Discuss what this suggests about the United States’ absolute and comparative advantage when it comes to this good/service.
- Using the concepts of supply and demand, discuss what effect a “Buy American” campaign might have in the market for the imported good.
- Given what economists have to say about comparative advantage, would such a campaign be good or bad?
Adhere to the following standards:
- Paper should comply with APA formatting and be three pages in length, not including the title or references pages.
Explanation & Answer
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Running head: THE UNITED STATES OF AMERICA IMPORTS AND EXPORTS
The United States of America Imports and Exports
Name
Institutional Affiliation
THE UNITED STATES OF AMERICA IMPORTS AND EXPORTS
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The United States of America Imports and Exports
According to these articles, it is true and evident that the United States of America is one
of the largest export economies in the world economy (Hochberg, 2015, p. 53). The authors of
these articles also argue that the United States of America is one of the most complex economies
due to its technical development strategies and approaches. Some of the top exports of the United
States of America include planes, helicopters as well as cars and vehicle parts. However, it is also
worth noting that the United States of America also export goods and services such as packaged
medicaments, crude oil as well as other harmonized goods (Hochberg, 2015, p. 54).
On the other hand, some of the imports in the United States of America include computers, crude
oil and other agricultural products. The top export destination for the United States of America
products and services are countries such as Cana, Mexico, China as well as Japan and Germany
among many other global countries (UNITED STATES GRAINS, 2016, p. 40). It is also true and
evident that majority of imports in the United States of America come from countries such as
Germany, China and other major global economies in the society.
Furthermore, it is clear that in 2015 alone, the Unit...
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