1. Explain the theory of absolute advantage.
  2. Explain the theory of comparative advantage.
  3. What is the difference between a tariff and a quota?
  4. Illustrate the deadweight loss of a tariff versus a quota.
  5. Why, from a political perspective, are quotas often preferred to tariffs?
  6. Briefly summarize the six major arguments in support of protectionism.
  7. When does dumping occur?
  8. Provide several examples of non-tariff barriers to trade.
  9. What is the GATT?
  10. What is NAFTA?
  11. Describe the European Union.

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