Q1. Select two products or services with which you are familiar - one produced in the U.S. and the other produced in another country (e.g., U.S. corn production and call-center outsourcing in India). Apply the concept of comparative advantage to explain how both countries would benefit from trading the two products or services.
Q2. Compare and contrast trading under constant-cost conditions with trading under increasing-cost conditions. Support your discussion with specific examples.
Q3. Analyze the three waves of globalization and predict what the next wave may look like and what its effects will be for the U.S. economy. Explain your rationale.
Q4. Select the most serious disadvantage of globalization (in your opinion) and make at least one recommendation for addressing the consequences of that disadvantage. Explain the likely impact on the U.S. economy if your recommendation were adopted.