Question: Purpose This assignment is intended to help you learn to do the following: Summarize U.S. trade patterns. Explain how trade increases total output. Explain how

Purpose

This assignment is intended to help you learn to do the following:

  • Summarize U.S. trade patterns.
  • Explain how trade increases total output.
  • Explain how the terms of trade are established.
  • Describe how trade barriers affect market outcomes.
  • Describe how currency exchange rates affect trade flows.

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