Using Table 2 from "U.S. Trade in Goods and Services by Selected Countries and Areas, 1999 - Present," from which three nations (not areas or regions did the U.S. import the highest dollar value of goods and services in 2021? Using Table 2 from "U.S. Trade in Goods and Services by Selected Countries and Areas, 1999 - Present," from which three nations (not areas or regions did the U.S. import the highest dollar value of goods and services in 2017?

a) What is meant by terms of trade? b) How does a tariff on imports affect a country's terms of trade. Briefly explain (2-3 sentences expected).

After reading the article, Amadeo, K. & Boyle. M (May 18th, 2021). International trade: Pros, cons, and effect on the economy. the balance, provide an advantage and a disadvantage of international trade. From the article and in your opinion, how do these impact the economy?  https://www.thebalancemoney.com/international-trade-pros-cons-effect-on-economy-3305579

3. Gains from trade Consider two neighboring island countries called Contente and Euphoria. They each have 4 million labor hours available per month that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor. Jeans Corn Country (Pairs per hour of labor) (Bushels per hour of labor) Contente 16 Euphoria 20 Initially, suppose Contente uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce corn, while Euphoria uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce corn. Consequently, Contente produces 8 million pairs of jeans and 48 million bushels of corn, and Euphoria produces 15 million pairs of jeans and 20 million bushels of corn. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and corn…