Discuss the five main types of regional trade agreements


Questions

Question1

Discuss the five main types of regional trade agreements. What are their primary characteristics?

Question2

In addition to the production and consumption side deadweight losses, what are some of the other potential costs of tariffs?

Question3

Is the budget deficit of a country linked to its current account balance? How so? Explain how it is possible for the United States' current account deficit to grow while the budget deficit has disappeared.

Question4

In a crisis not caused by macroeconomic imbalances, economists are uncertain whether a country should try to guard against recession or try to defend its currency. Why are these mutually exclusive and what are the pros and cons of each alternative?

Question5

How does Mexico's GDP per person compare to that of the United States? Discuss the different approaches economists can use to make this calculation.

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Microeconomics: Discuss the five main types of regional trade agreements
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