Reference no: EM131181529 , Length: 1350 Words

1. Considering what you have learned about "comparative advantage" and relative "marginal opportunity costs," discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers) of continued importation and acceptance of foreign made goods into U.S. markets.

2. Compare and contrast the advantages and disadvantages of instituting an import tariff, or an outright ban on the importation of certain goods into U.S. markets.

3. Include in your research American trade agreements such as the NAFTA (North American Free Americas Agreement) and the proposed trade agreements of the FTAA (Free Trade Area of the Americas), TAFTA (Transatlantic Free Trade Area), and the Trans-Pacific Partnership. What are the main pros and cons argued in favor, and against these trade agreements? Why do you think each party feels the way they do about the issues?

4. In considering the foreign trade issue, discuss the benefits and challenges between Americans and the cultures of the citizens of the various trading partner countries with which these trade agreements are made. Discuss the importance of your ability to understand and accept cultural differences in a global context. What recommendations would you suggest to increase American understanding and acceptance of foreign cultures?