1, If two countries that have the same GDP can they have different standards of living? Why?
2, What is brain drain?
3, Why would a country impose a voluntary export restraint on products?
4, What has been the result of NAFTA?
5, When a nation imports more than it exports, economists say it has what?
6, What is a currency system in which each country tries to keep the value of its currency constant against one another called?
7, What was Mikhail Gorbachev's plan called?
8, Do countries protect their domestic economy from excessive influence by multinational corporations? If so how?
9, Suppose the exchange rate between the United States and Japan changes from $1 = 100 yen to $1 = 110 yen. What would happen to the prices of American goods in Japan?
10, The law of comparative advantage states that a nation is better off when it produces goods and services for which it has the comparative advantage. How is a comparative advantage obtained?
11, What happens when a nation's currency depreciates?
12, Specialization in a nation leads to what?
13, What would it be called if f the United States placed a limit on the number of cars that can be brought into the country for sale?
14, What is the primary measure of a country's development?
15, A high level of energy consumption indicates
16, The calculating of a country's population growth rate takes into account all the following
17, Who is largest provider of development assistance?
18, How do tariffs work to protect infant industries?
Essay
Why is international trade better for all countries than an attempt for each country to produce everything it needs?
Explain how it is possible that a country can have considerable wealth and still be considered a less developed country

