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1. Discuss the pros and cons of the single currency.

2. What is the WTO? What services does it

perform? Explain.

3. What is dumping? What are the welfare costs of dumping? Why would firms ever dump? Explain.

4. What is the difference between a free-trade area and a customs union? Provide examples of each.

5. Compare and contrast NAFTA and the EU in terms of the types of agreements that they are, the institutions that operate under the agreement, and the long term goals of the arrangements. Briefly explain what differences there are between the old NAFTA and the new USMCA.

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