Please comment on this as if it was a student reply:

a) Do you believe that trade is beneficial for a nation, whether it be the United States or another nation? Explain.

I believe that trade is beneficial for a nation. This is because with trade, more people receive opportunities to work and other companies have a chance to thrive. With this benefit, more companies also have a bigger target market, as any excess products from overproduction can be sold internationally, which grows the business and revenues. With trade, it can build a better relation between two or more countries, which can avoid some conflicts they might experience.

b) What are your thoughts on the trade deficit that many nations, like the United States, experience on a monthly basis?

In my opinion, the trade deficit is neither good nor bad, as it has many variables of either hurting or helping the economy. Having a trade deficit could also be a sign of economic growth, as some periods of economic growth came from trade deficits. This was due to consumers and businesses buying more products and services from abroad, and foreign investors seeking to put their money to work in the U.S.

c). Does a trade deficit limit economic growth for a nation? Explain.

No, it does not. This is because as the nation is importing more than they are exporting, that will attract more foreign investors and the nation will achieve economic growth. With this, investors can invest any amount in that nation.

d). Is the work of the World Trade Organization, calling for a decrease in tariff rates, among other things, beneficial to all nations, or would it be better for nations to impose tariff rates as high as they desired? Explain.

The call for a decrease in tariff rates can be beneficial to some nations, as they would not have to spend as much on imports. But it can also be harmful to other nations, this is because when tariff rates increase, so do the prices of imports. When this happens, more consumers will look elsewhere to buy relatively less expensive domestic goods instead.