Trade

Questions:

The trade balance between the US and Australia for the year 2020 are summarized in the figures below. For instance, the negative value for 331-Primary Metal MFG (Manufacturing) implies that in this product category, the US was a net importer from Australia. All the values are in US dollars.

(a) Briefly describe the pattern of trade between the US and Australia.

(3 marks, 50-100 words)

(b) Critically evaluate the theories of trade we have studied in this unit in terms of their ability to explain the pattern of trade between the US and Australia.

(7 marks, 350-400 words)

Rubrics:

Highly developed skills in the expression and presentation of ideas. Fluent writing style. No major grammatical and spelling errors. All references (using Havard References), including recent literature, cited and used accurately. 

Excellent use of knowledge gained and awareness of deeper and more subtle aspects of economic issues and theories. There is clear evidence of research/read more widely beyond the core materials.  

Provides well-argued and articulated statements with supporting evidence. Evidence of originality and independent thought. Has highly developed analytical skills & consistently demonstrates high levels of critical analysis. Demonstrates ability to reflect on conclusions and their implications.