1. What are the arguments against international free trade and what policies does the government have to restrict it?
2. What is a minimum wage? What are the likely effects on the labor market? Who wins and who loses from a minimum wage?
3. What benefits are to be gained from countries producing according to the concept of comparative advantage? What if a country is absolutely more productive in all goods?
4. Where are we likely to find examples of each of the following market structures:Perfect Competition, Monopoly,andMonopolistic Competition? Explain your reasoning.
5. Explain the termStrategic Dependence. What kind of markets would we expect to find it in? How will it affect the behavior of firms in these markets?