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Answer 2 questions.

Date Posted: 06/04/2018
Category: Economics
Due Date: 07/04/2018
Instruction
(1) answer Question, VI-5, found on page 649: "What is meant by a 'favorable balance of trade'? Why was it considered favorable? Is it also favorable to producing prosperity in the economy? (pages 476-478)" Fully explain your answer to the question, and why you believe Pofessor Sowell feels the question is important. (2) Economics U$A Program #27 has as its purpose: "To illustrate the concepts of specialization and comparative advantage, showing that trade benefits society as a whole but can hurt certain groups. Conversely, tariffs, quotas, and other trade restrictions can protect certain groups and industries but generally restrict the amount of goods available and raise prices. Trade is one dimension of globalization; others include immigration and foreign direct investment." What specific aspects of the video program best help you understand that purpose? Explain how and why those aspects of the program help your understanding of the purpose. Also, what aspect of the video program best relates to an item in Chapter 21 of the textbook? [ http://www.learner.org/vod/vod_window.html?pid=2479 ]
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