1. What is meant by investment in human capital? Use this concept to explain wage differentials and the long run rise of real wage rates in the US.
2. Explain the difference between a bilateral monopoly and a monopsony.
3. Explain the extent of the damage from the BP Oil Spill, how long can we expect to see lingering affects of the damage?
4. What trade theories do not help explain Ecuador’s competitive position in exporting roses? Why is this so?