Chapter 15

American Production Data

Comparative Advantage Illustrated

America before and after Trade

Free Trade Allows the World to Move to Its Production-Possibility Frontier

With Many Commodities, There Is a Spectrum of Comparative Advantages

Triangular Trade Benefits All

American Production, Imports, and Consumption with Free Trade

Effect of a Tariff

Economic Cost of a Tariff

America Was Historically
a High-Tariff Nation