Qusetion: Please answer all of the following essay questions as thoroughly and as thoughtfully as possible. (I would expect 100-200 words per answer.)
1) From an economic standpoint, why do production factors move from one country to another? How does factor movement affect international trade?
2) What is the difference between import substitution policies and export-led development policies? What are the potential effects of each?
3) What are the disadvantages of import restrictions in regards to creating domestic employment opportunities?
4) Describe and compare the different types of tariffs (duties).
5) What are the rules of origin and regional content provisions of NAFTA?
6) Describe the different types of regional economic integration and give an example of each type.