Reference no: EM132995070

Throughout the course, you have learned about different aspects of international economics. For this assignment, you will be applying what you have learned to complete a final, comprehensive assignment.

Research a region that is moving toward greater economic integration (possible examples: North American countries, the African Union, and the Gulf Cooperation Council among many others). Then, compose a paper that encompasses the following elements that are listed below.

Question 1: Graphically display patterns of trade among the countries in the region. This can be done with a pie chart or whichever type of chart or graph you find most appropriate.

Question 2: Describe the degree of economic integration in the region.

Question 3: Define a free trade area, and apply that definition to your chosen region.

Question 4: Use two countries from the region and apply the factor-endowment model of trade to the expected trade patterns.

Question 5: Use the same two countries and assess how external economies of scale will affect the countries (i.e., which industries will be affected and how).

Question 6: Discuss recent changes in trade policy for the region (and/or changes that are likely to take place in the near future).

Question 7: Discuss the role international trade has played in the economic development of countries in the region.

Question 8: Apply the criteria for an optimum currency area to the region.