Problem 1) A garment manufacturer produces sports apparel at its facility in the Merianas Island in order to take advantage of lower labor cost. Can these garments labeled "Made in USA"? Why or Why not ?
Problem 2) A company produces propane barbecue grills at a plant in Nevada. The products' major components includes the gas valve,burner and aluminum housing, each of which made in the U.S. The grill's knobs and tubing are imported from Mexico. Can this product be labeled "Made in USA" why or why not? If not, what what should the label be.
Problem 3) It seems that free, unrestricted international trade, in which each nation produces and exports for which it has a comparative advantages, will enable everyone to have a higher level of living, why, then, does every country, including us(US), have import duty restrictions? Please explain.
Problem 4) The Euro replaced 12 national currencies. What are the resulting advantages and savings for the EU members?