For this assignment, write an essay that addresses each of the following points:
1. Choose five U.S. government policies that affect trade with foreign nations. Identify three factors of production, and describe how their mobility is good or bad for U.S. trade
2. Distinguish between absolute advantage and comparative advantage trade theories and give examples
3. Choose either the TPP or the T-TIP free trade agreement and describe which other countries have signed on and why the U.S. Senate should ratify or not ratify the agreement.
Also, explain how regional trading groups influence organizations. Your essay submission should be a minimum of three and half pages in length in APA style (10 font in Times). You are required to use at least two scholarly sources for this essay. Your responses to the three prompts must be in paragraph form. Be sure to cite and reference all quoted or paraphrased material appropriately in APA style. Information about accessing the grading rubric for this assignment is provided below.
AMERICA’S TRADE AGREEMENTS
The United State of America is the world superpower. It is the country with the biggest muscle in the military strength. It is also among the eight richest countries in the world commonly known as (G-8). Its president has considered the president of the world and the presidency is very powerful. As powerful as it is, the decision made from the biggest office in that land, White House is not even opposed by the United Nations. Simply America is final in making decision in the world. A good example is the decision to invade Iraq, the United Nation's leadership was against, but America went ahead to invade Iraq. Since the end of the World War II, America acquired the supremacy of the world and because it was not affected by the war left as the only market for the countries hit by the war. To date, America is still strong.
U.S economic policies and foreign trade is still on the move but is taking another route for the last two centuries the country has been existing. At past government policies concentrated mostly on developing domestic trade despite the happening in other nations of the continent. According to the report, the 1930's Great Depression and the World War II, America decided to reduce trade barriers and embrace the world economic system.
The following are the U.S policies
A Fraying Consensus on Trade
This is the first policy concerning trade in America. Policymakers in U.S forged this document to ...
Agriculture plays a big role in the world’s foreign trade economy. The Agricultural policy addresses production from the farmer’s perspective. This production of Agricultural product in produced for commodity, industry, and import/export. “In Fiscal Year 2015, the United States export $133 billion in agricultural products and a trade surplus of $19 billion for the agricultural sector” (Agricultural Policy, 2016, p. 1). Maintaining total factor productivity (TFP) is extremely important in the world trade markets. All resources used are considered when auditing productions across the world and in the United States. One such production method is growth accounting. "Growth accounting" provides a practical way of measuring changes in agricultural TFP overtime gave available data on agricultural outputs, inputs, and their prices” (International Agriculture, 2016, p. 1). Know the growth or lack of growth, can hel...