1. 1.15 Trade Balances by Country. Access the Statistical Abstract of the United States on the Internet and down load the tables in the section titled “Foreign Commerce and Aid.” One of the tables lists U.S. exports and imports and merchandise trade balance by country. Fill in the blanks in the following table for the most recent year listed in the table.

Country Exports

($ millions)

General imports

($ millions)

Merchandise Trade Balance

($ millions)

australia China italy japan Mexico netherlands Saudi arabia Singapore Markets Explain how markets allow specialization and trade.