According to free trade theory, everyone can benefit when countries engage in trade. While the economic gains from free trade can be obvious and clear, we have also discussed that free trade can pose several dilemmas or tradeoffs. List the four trade dilemmas discussed in class. For each, provide a brief explanation of the dilemma in your own words. Next, using the cases we have discussed in class, provide an example of each of the dilemmas. Finally, explain how/why your selected example illustrates the dilemma. One good paragraph (5+ sentences) for each dilemma should suffice. (5 points each; 20 points total)

True or False – The World Trade Organization allows regional trade agreements.

Refer to the table above. If following the theory of absolute advantage, which of these products should Japan produce and which of these products should Japan trade for with Brazil. 

True or False – H-1B visas are held by a company and not an individual.

The Chips and Science Act is an example of which of the following trade policy tools?

A student argues that repealing the Glass-Steagall Act directly caused the 2008 financial crisis. Which response best reflects the evidence?

True or False – Over 90% of the semiconductors GVC is controlled by the U.S. and its allies.

In the previous question, you were asked what Japan should produce and what Japan should trade for with Brazil if following the theory of absolute advantage. In 2-3 sentences, explain the reasoning for your answer. 

The SRISK metric (expected capital shortfall during a systemic crisis) covers all financial institutions, including private firms and non-bank entities.

A lending technology is defined as a specific combination of four elements. Which of the following is one of those elements?