ECO372 Week 5 Discussion Question 4

Question: #1616

Why are trade agreements important for the various countries involved? How is international trade related to the U.S. standard of living as opposed to the standard of living of a small industrial nation or a developing nation? How does international trade affect a country’s standard of living? What impact does it have on the way Americans live life, spend, consume, and so on.?

Solution: #1601

ECO372 Week 5 Discussion Question 4

Trade agreement is defined as a pact between two or more countries in which they agree to lift most or all tariffs, quotas, special fees and...