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Understanding Trade & Comparative Advantage: Key Partners in 2006

Explore the U.S.'s top trading partners in 2006 by import values. Learn about trade dynamics with Canada, China, Mexico, Japan, and Germany. Discover how trade interactions reflect skill levels in this informative lecture.

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Understanding Trade & Comparative Advantage: Key Partners in 2006

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  1. Trade and Comparative Advantage

  2. Which country was the biggest trading partner for the U.S. in 2006. (measured in $ worth of imports) A) Canada B) China • Mexico • Japan • Germany

  3. Which country was the biggest trading partner for the U.S. in 2006. (in $ worth of US imports) A) Canada B) China • Mexico • Japan • Germany

  4. In order. A) Canada 303 198 B) China 287 52 • Mexico 197 115 • Japan 148 56 • Germany 88 37 US Imports $billion US Exports $billion

  5. If Al is more skilled than Bob at all activities, then any trade between Al and Bob that is good for Bob must be bad for Al. • True • False

  6. And on to our lecture.

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