International Trade
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The document discusses international trade and U.S. trade policies. It provides details on U.S. imports and exports, including that the U.S. imports raw materials and exports agricultural products. It also examines reasons for trade, effects of tariffs and quotas, arguments for and against protectionism, and approaches like import substitution and export promotion.
![International Trade ,[object Object],© 2006 Thomson/South-Western](https://image.slidesharecdn.com/internationaltrade-090309123111-phpapp02/85/international-trade-1-320.jpg)
![Profile of Imports and Exports ,[object Object],[object Object],[object Object],[object Object],[object Object]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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International Trade
- 4. Exhibit 1: Composition of U.S. Merchandise Exports
- 5. Exhibit 1: Composition of U.S. Merchandise Imports
- 6. Exhibit 2: U.S. Production as a Percentage of U.S. Consumption
- 16. Exhibit 7: Effect of a Quota The blue shaded areas show the loss in consumer surplus captured by domestic producers and those permitted to fulfill the quota. The pink-shaded triangles illustrate the net welfare cost of the quota on the U.S. economy. After the quota, the new U.S. price, $0.15 per pound, is determined by the intersection of the new supply curve, S' , with the U.S. demand curve, D .