1. Discuss the NAFTA and the USMCA agreements. Be sure to give factual support.
The factual differences and similarities in detail of the two agreements
Your views (backed up with facts) regarding
The positives and the negatives for the United States of having left NAFTA and having entered into the USCMA agreement
The way in which the United States left NAFTA (unilaterally) and how the USMCA was negotiated, including
the effect (if any) of this on other 13 trade agreements the United States has already signed?
the effect (if any) of this on agreement in the future plan to sign.
2. Define and illustrate what is meant by comparative advantage.
To answer this question fully, in addition to defining comparative advantage on its own, you will need to
Define the theory of absolute advantage and contrast it to comparative advantage.
Define what is meant by opportunity cost.
Name the economist who first laid out the concepts of absolute advantage.
Name the two economists who first laid out the concepts of comparative advantage.
Give an example illustrating comparative advantage.
Note 1: You must write this as an essay using complete sentences. You may not write this as bullet points.
Note 2: A table or chart is not required; however, you may find one useful to illustrate your example clearly. Feel free to embed this into your essay answer.
