About 95 percent of the worlds population lives outside the United States, but many U.S. companies, especially small businesses still do not engage in global trade. Why not? Do you think more small business will participate in global trade in the future? Why or why not?
How do social and cultural differences create barriers to international trade? Can you think of any additional social or cultural barriers that might inhibit international business?
If the United States were to impose additional tariffs on cars imported from Japan, what would happen to the price of Japanese cars sold in the United States? How might this tariff impact relations with Japan?