1. This humorous clip by Mitchell and Webb demonstrates the need for change through the eyes of two Stone Age workers. My favorite quote is, "smelting may be fine for the lads," which nicely sums up the difficulty the stone workers have retraining. Identify the type of unemployment.

https://youtu.be/XTLyXamRvk4

1. Enjoy this video and answer the following question:

https://youtu.be/5XdYbmova_s

If, after adjusting for the exchange rate, the price of a Big Mac is less in one country than in the United States, what does that mean for the value of that currency?

A. It is undervalued relative to the dollar.

B. It is overvalued relative to the dollar.

C. The currency is not related to the dollar.

1. In 2009, US imposed a tariff of 35% on radial car tires imported from China. The winners from this tariff are US producers and there was tariff revenue earned from this tariff. Trade restrictions are quite common in international trade.

Can you argue in favor of this type of trade restriction ? Do we have a national security argument, infant industry argument or a dumping argument and why?