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Question: econ48505850 international trade assignment 1 part i basic concepts you...

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ECON4850/5850 International Trade Assignment 1 Part I. Basic Concepts You may find the data in an Excel Spread sheet attached in the assignment. Preferably complete the question in Excel and copy your answer into the assignment file GDP 1,769,270,000,000 2,458,357,000,000 23,159,107,000,000 5.428.813,000,000 3,028.566,000,000 4,170,790,000,000 2,029,032,000,000 916,078,000,000 3,240,319,000,000 2.835.746,000,000 527,021.000,000 9.459.002.000,000 Country Canada Mcxico China Japan US Exports 282,265,135,262 243,314,438.647 129,893,586,716 67,605,076,964 United Kingdom 56,257,922,547 53,896,753,486 South Korea 48,326,408,702 41,510,332,962 37,221,566,249 33,595,514,399 29.805,915,154 25,688,861.698 US Imports 299,319,385,870 314,267,299,235 505,469,954,379 136,480,825.868 53,060.325.659 117,575,227,374 71,444,246, 147 41,510,332,962 29,451,760.460 48,898.696.137 29.805,915.154 48,602,947,252 Germany Netherlands razi France Singapore India The table above shows the most recent data (year 2017) of exports/imports and GDP for major US trading partners. Complete the following questions 1. Calculate the total trade value for each country. Based on the total trade, which country should be counted as top trading partner of the U.S.? 2. Calculate the trade balance between U.S. and each country on the list. Against which country does U.S. have the most trade deficit? Against which country does U.S. have the most trade surplus 3. Calculate the openness index of each country. Which country is the most open to Trade with U.S based on the index? Are the results above you found the same as what you expected or a surprise to you? Explain 4.

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