make sure that all homework assignments are completed and uploaded prior to the deadline. Answer the following essay question(s) in sufficient detail. Please include the question before each response. Why do firms engage in international trade? What is the difference between an absolute and a comparative advantage in international trade? How are both types of advantages related to the concept of specialization? What is a favorable balance of trade? In what way is it "favorable"? What reasons are generally given for imposing trade restrictions? Which nations are the principal trading partners of the United States? What are the major U.S. imports and exports