Discuss and give two examples of some of the benefits of international trade as well as two examples of trade restrictions.

Complete any TWO of the following three essays incorporating real examples and your own opinions. Do NOT just use book definitions. The length of each essay should be about a page.

 

(A)

(1) GDPisdefinedasthemarketvalueofallfinalgoodsandservicesproducedwithina

countryinagivenperiodof time.Inspiteofthisdefinition,someproductionisleftoutof

GDP.Explain what GDP includes and whysomefinalgoodsandservicesare notincluded and give two examples of goods and services included and left out.

(2) If U.S.realGDPissubstantiallyhighertodaythanitwas30yearsago.Whatdoesthistellusandwhatdoesitnottell us,aboutthewell-beingofU.S.residents?

(3) Explain the pattern seen between GDP per person and quality of life measures.

 

(B)

(1) Explainthedifferencebetweenabsoluteadvantageandcomparativeadvantage.Give an example of how each works.

(2) Whichismoreimportantin determiningtradepatterns,absoluteadvantageorcomparativeadvantage?Why? Can you give an example?

 (3)Discuss and give two examples of some of the benefits of international trade as well as two examples of trade restrictions.

(C)

(1) What are the benefits of the CPI index in today’s economy and give an example of how it is used. What are two problems with the CPI as a measure of the cost of living?

 

(2) What is the importance of the PPI to our economy? Provide and discuss one example and its importance of what is in the PPI.

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