Chapter 8, Problem 2SQ

Out of all levels of economic integration what is the most beneficial and the most unfair? Why?

Can a nation's comparative advantage change over time? If so, briefly discuss the factors that might make it change.

During the last 20 to 30 years, there have been a number of countries whose economies have experienced important economic expansion and development.  One group of countries has been labeled the BRIC countries and the other the VISTA countries.  Identify each of the nine countries and provide some insights about their economies and economic importance.   The theories of absolute and comparative advantage have been offered as an economic rationale for trade between and among regions and countries.  Compare and contrast the two concepts.  Which of the two do you think is more important for explaining the growth in global trade during the last 25 years?  Why”

How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes?

Comparative and absolute advantage

What do we mean by economic globalization? What are the actors that facilitate economic globalization?

How useful is economic geography in explaining the success of regional economic integration blocs? Give examples.

Under what conditions does comparative advantage lead to gains from trade?