PROBLEMS

1. Figure 1-2 and Figure 1-6 rely on data from 2010, and Figure 1-5 relies on data from 2005, to map worldwide trade, migration, and FDI. Updated data for migration and FDI were not available at the time this chapter was written, but it is available for worldwide trade. In this question, you are asked to update the numbers for world trade shown in Table 1-1.
   1. Go to the World Trade Organization’s website at http://www.wto.org, and look for its trade data under “Documents and resources” then “International trade statistics.” Look for the most recent edition of its International Trade Statistics publication, then go to “Trade by region,” and find the Excel spreadsheet with “Intra- and interregional merchandise trade.” Print out this table.
      If you cannot find the website or spreadsheet, use the 2011 table for “Intra- and Inter-Regional Merchandise Trade” that appears below to answer the following questions.12
   2. From this table, what is the total amount of trade within Europe? What percentage of total world trade is this?
   3. What is the total amount of trade (in either direction) between Europe and North America? Add that to the total trade within Europe, and calculate the percentage of this to the world total.
   4. What is the total amount of trade within the Americas (i.e., between North America, Central America, South America, and within each of these regions)? What percentage of total world trade is this?
   5. What is the total value of exports from Europe and the Americas, and what percentage of the world total is this?
   6. What is the total value of exports from Asia, and what percentage of the world total is this?
   7. What is the total value of exports from the Middle East and the Commonwealth of Independent States,13 and what percentage of the world total is this?
   8. What is the total value of exports from Africa, and what percentage of the world total is this?
   9. How do your answers to (b) through (h) compare with the shares of worldwide trade shown in Table 1-1?
2. The quotation from Federal Reserve Chairman Ben Bernanke at the beginning of the chapter is from a speech that he delivered in Jackson Hole, Wyoming, on August 25, 2006, titled “Global Economic Integration: What’s New and What’s Not?” The full transcript of the speech is available at http://www.federalreserve.gov/newsevents/speech/bernanke20060825a.htm. Read this speech and answer the following questions:
   1. List three ways in which international trade today does not differ from the trade that occurred before World War I.
   2. List three ways in which international trade today does differ from the trade that occurred before World War I.