READ AND FOLLOW ALL INSTRUCTIONS IF THERE IS ANYTHING INCOMPLETE IT WILL BE A FULL REFUND WITH A NEGATIVE REVIEW. ( Label and separate the answered questions by Numbers like Question 1, Question 2, and Question 3 as titles.) Keep it in MLA format. Use the Resources I give to you.
Question 1. Provide an example of two countries and one good for each country in which they have a comparative advantage over the other. Discuss why each country would have the comparative advantage in their good (due to climate, geography, industry, technology, resources, etc.) Then, discuss why it would be beneficial for these countries to trade with each other. (Chapter 19)
(For example, the textbook illustrates comparative advantages between the US and Saudia Arabia in corn and oil, respectively. The US has an agricultural climate that is better suited to growing corn, and Saudi Arabia has significant oil reserves on their land and several resources dedicated to oil production. Do not use this example.)
Question 2. Do you believe it is better for a country to adopt more globalization policies or protectionism policies? Defend your position by discussing the costs and benefits of both options and provide specific details about how each choice would affect the economy. (Chapter 19 and 20)
Question 3. Finally, using what you have learned from chapter 15, discuss how poverty can affect an individual’s economic outcomes and the economy as a whole. Relate to concepts you have learned throughout the course (budget constraint, wages, consumption, supply and demand, etc.). How might a nation benefit from addressing poverty and inequality? What costs should be considered when addressing these issues?
Your response should reflect your understanding of comparative advantages, globalization and protectionism, and poverty and inequality and their applications.
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