Under what conditions is the production possi￾bilities frontier linear rather than bowed out? 2. Explain how absolute advantage and compara￾tive advantage differ. 3. Give an example in which one person has an absolute advantage in doing something but another person has a comparative advantage.

Various parties occasionally call for import limits or levies on foreign produced items , most notably automobiles, so how these likely to be beneficial or harmful ?

Exchange rates are important for determining trade levels. Discuss the exchange rate trend for the U.S. in relation to Canada and the United Kingdom. Address the following: 1. What trends do you see between The United States, Canada, the United Kingdom (UK) (appreciation or depreciation of the dollar relative to those currencies)? 2. How is this trend expected to affect trade, or has it done so already? 3. How do the biblical passages (Genesis 49:16-19 and 1Kings 5:8-12.) relate to these trade issues?

WAVERS Inc. is a California based firm that specializes in the manufacturing of high- end surfboards. Consumers in the coastal African region  as well as Japan and the UK have recently discovered the joys of surfing. WAVES has hired you as a consultant to provide advice regarding global expansion. They are wondering how to exploit these new markets. Tariffs on imported surfboards are particularly high in Japan. One particularly aggressive member of the top management team has been arguing for some form of a joint venture with a local Japanese firm. This has turned into a highly divisive issue and they have asked you to provide them some insight on some of the basic issues and possible challenges of forming a joint venture in this environment. In your discussion, elaborate on the role that cultural differences between the US and Japan may play that could impact your joint venture.