Define all "keywords" and economic terms you use in your answers. Please use specific examples to illustrate you point.

3. How did the Single European Act create economic gains in the EU? What are some of the challenges the EU is facing currently?

4. Why has India not been able to develop a large low-wage, low-skilled, manufacturing sector? Can it skip this stage of development and go directly to becoming a services-based economy that exports high value-added services?

5. What are the main exports of Canada? Explain three different ways in which Canada can diversify its exports.