Toolkit - ECO 2013 Principles of Economics

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Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
The official course learning outcomes from the COB have been listed in blue. Enter your course internationalization mini-projects by outcome. Be
sure to include all instructional resources and assessment tools as attachments when you submit your entry to the toolkit.
CLO #1:
Entry
Name
Describe the role of the major participants in the economy and how they affect it.
CLO Expansion or
Interpretation
(Ss will be able to…)
 Draw well-supported
conclusions
 Recognize values as
expressed in attitudes,
choices, and
commitments.
Enter Name
 Evaluate the effectiveness
of your own and others'
communication
 Employ the facts, formulas,
procedures of the
discipline
Connections to
Global
Competencies
 Knowledge –
World cultures,
world history and
geography, world
religions, world
government and
politics, world
economic systems
 Skills – Interacts
with compassion,
empathy, and
respect for others
in a manner that
reflects the cultural
sensitivities within
the environment.
Assessment
Method/s and Tools


Teaching Strategies, Student
Learning Activities, and
Assignments
Complete a pre
and post
reflection essay
discussion on
your view of the
global economy
and its impact on
economic
decision making
in this country
and a foreign
country.
Complete a
group discussion
on globalization
and how
differences in
norms, beliefs,
political and
social systems
impacts
individual, group
and
governmental
participation in
the economic
system in the
U.S. and a
foreign country.
1

Compare and contrast the
major participants in the U.S.
economy and a foreign
country. Discuss how the
economic decisions are made
from a personal, political and
social perspective.

Class discussion on how
sociocultural differences
impact value systems and
purchasing behaviors.

Class debate and discussion
about economic system
differences.

Gather factual information on
economic indicators of a
country from Asia, South
America, North America,
Africa or the Middle East.
Instructional Materials
/ Resources

Declaration of
Interdependence
video:
http://www.youtube.
com/embed/CfPwh
EDmKbc

Valencia short-term
study abroad
program:
http://valenciacolleg
e.edu/international/
studyabroad/studen
ts/
shortterprograms.cf
m

Invitation to World
Literature: watch,
read, and timeline
resources:
http://www.learner.o
rg/courses/worldlit/
popol-vuh/watch/
Co-Curricular /
Interdisciplinary
Activities

Attend a meeting
of an
international club
at Valencia and
take note of the
cultural
differences and
similarities to
making club
decisions.

Look at the sage
course offerings
and discuss with
classmates what
is of program
interest to you
and why.

Attend a
conference by
the global
prospectus
department at
UCF on
globalization or
economic
issues.
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214

 Attitudes –
Understand
personal norms,
biases, and
expectations for
one self and
others; values and
respects diversity;
demonstrates
curiosity about the
word and others.
 Values and
respects diversity


 Complete an in
class activity on the
4 main economic
systems by having
the students bring
to class a country
that fits into each of
the 4 categories.
 Class discussion on how
sociocultural differences impact
value systems and purchasing
behaviors.

 Attend an
international club
meeting and ask
an international
student about the
economic status of
their country from
their perspective.
Discuss
socioeconomic
issues as they
pertain to the
student’s country.



 Complete a
problem solving
quiz on the impact
of economic
decision making
from a global
perspective

2
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
The official course learning outcomes from the COB have been listed in blue. Enter your course internationalization mini-projects by outcome. Be
sure to include all instructional resources and assessment tools as attachments when you submit your entry to the toolkit.
CLO #2:
Entry
Name
Understand how scarcity frames the basic economic decision making process and resource allocation.
CLO Expansion or
Interpretation
(Ss will be able to…)
 Evaluate your own and
others values from
individual, cultural, and
global perspectives
Enter Name
 Employ the facts, formulas,
procedures of the
discipline.
 Revise conclusions
consistent with new
observations,
interpretations, or reasons.
Connections to
Global
Competencies
Assessment
Method/s and Tools
Teaching Strategies, Student
Learning Activities, and
Assignments
 Knowledge –
World cultures,
world history and
geography, world
religions, world
government and
politics, world
economic systems
 Complete an in a
class debate on the
socioeconomic and
sociocultural
differences
between 2
countries.
 Compare and contrast student
values against the value system
of foreign students in the class.
 Skills – Interacts
with compassion,
empathy, and
respect for others
in a manner that
reflects the cultural
sensitivities within
the environment &
 Able to hold
opposing views
with others from
diverse cultures
and backgrounds,
and to calmly
arrive at
resolutions from
conflict
 Participate in an in class
discussion group exercise on
poverty, scarcity and the levels
of economic development.
 Complete a
problem solving
quiz on the impact
of economic
decision making in
an environment of
scarcity.
Instructional Materials
/ Resources

Declaration of
Interdependence
video:
http://www.youtube.
com/embed/CfPwh
EDmKbc

Valencia short-term
study abroad
program:
http://valenciacolleg
e.edu/international/
studyabroad/studen
ts/
shortterprograms.cf
m
 Do in class lecture on poverty in
developed countries and
developing countries. Show
students YouTube videos on
globalization and poverty and 60
minute video and BBC video on
poverty in America.
 Complete an essay
quiz on poverty
theories and the
application of
poverty theories to
various countries in
the world.
3

http://www.youtube.com/watc
h?v=L2hzRPLVSm4

http://www.youtube.com/watc
h?v=dK_RnxYdrqU

http://www.youtube.com/watc
h?v=JpS_eJkkAxc

http://www.youtube.com/watc
h?v=lHPrVNTTWdM

http://www.youtube.com/watch
?v=LKfoTw-XTiA


Invitation to World
Literature: watch,
read, and timeline
resources:
http://www.learner.o
rg/courses/worldlit/
popol-vuh/watch/
Co-Curricular /
Interdisciplinary
Activities
 Attend a meeting
of an international
club at Valencia
and take note of
the cultural
differences and
similarities to
making club
decisions.
 Attend one of
Valencia
International Club’s
monthly student
cultural
presentations
about their
countries of origin
or other locations
they have traveled.
Attend international
student
presentations of
America “through
their eyes” during
International
Education Week
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214

 Attitudes – Enter
info



 Look at the sage
course offerings
and discuss with
classmates what
program interest
you and why.
 Have a
representative from
one of the campus
clubs come to
class and discuss
their community
involvement
activities to help
the poor and the
impact the activity
has had on them
and the objective
of the community
activity.




4


Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
The official course learning outcomes from the COB have been listed in blue. Enter your course internationalization mini-projects by outcome. Be
sure to include all instructional resources and assessment tools as attachments when you submit your entry to the toolkit.
CLO #3:
Entry
Name
Understand the role of economic freedom in shaping markets worldwide.
CLO Expansion or
Interpretation
(Ss will be able to…)
Connections to
Global
Competencies
Assessment
Method/s and Tools
Teaching Strategies, Student
Learning Activities, and
Assignments
5
Instructional Materials
/ Resources
Co-Curricular /
Interdisciplinary
Activities
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
 Employ the facts, formulas,
procedures of the
discipline.
 Recognize values as
expressed in attitudes,
choices, and
commitments.
Enter Name
 Distinguish among
personal, ethical,
aesthetic, cultural, and
scientific values.
 Evaluate your own and
others values from
individual, cultural and
global perspectives.
 Knowledge –
World cultures,
world history and
geography, world
religions, world
government and
politics, world
economic systems
 Skills – Interacts
with compassion,
empathy, and
respect for others
in a manner that
reflects the cultural
sensitivities within
the environment &
 Able to hold
opposing views
with others from
diverse cultures
and backgrounds,
and to calmly
arrive at
resolutions from
conflict.
 In class assignment on
economic freedom and how it
impacts the development of
various economic models in the
world.

 Complete a one
page write up on
international
economic.
 In class lecture and group
discussion on how values,
attitudes, personal and
governmental choices impact
the global economy.

 Complete a 3 page
research paper on
an economist that
has contributed to
the discipline of
economics.
 In class discussion about
student research on
international economists that
are known in the field of
international trade, economic
development or globalization.
 Library-based
research
 In class discussion on outside
research student conducted
individually on American and
foreign values, cultural
differences and perspectives
about globalization.
 Complete a
problem solving
quiz on the
economic freedom
and decision
making.
6


Declaration
of
Interdependence
video:
http://www.youtube.
com/embed/CfPwh
EDmKbc
Valencia short-term
study
abroad
program:
http://valenciacolleg
e.edu/international/
studyabroad/studen
ts/
shortterprograms.cf
m
Invitation to World
Literature: watch,
read, and timeline
resources:
http://www.learner.o
rg/courses/worldlit/
popol-vuh/watch/

Attend a meeting
of an
international club
at Valencia and
take note of the
cultural
differences and
similarities to
making club
decisions.

Attend
international
student
presentations of
America
“through their
eyes” during
International
Education Week.

Interview an
economist from
the economic
development
departments of
the City of
Orlando or
Orange County
and discuss in
class how their
jobs correlate to
economic
development,
international
trade or
globalization in
Central Florida
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214

 Attitudes –
Understand
personal norms,
biases, and
expectations for
one self and
others; values and
respects diversity;
demonstrates
curiosity about the
word and others.



 Attend a meeting
of an international
club and make
arrangements to
interview a foreign
student and
discuss the cultural
shock and how
they dealt with it as
a student.






7
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
The official course learning outcomes from the COB have been listed in blue. Enter your course internationalization mini-projects by outcome. Be
sure to include all instructional resources and assessment tools as attachments when you submit your entry to the toolkit.
CLO #4:
Entry
Name
Understand the basis for and implications of international trade.
CLO Expansion or
Interpretation
(Ss will be able to…)
 Analyze data, ideas,
patterns, principles,
perspectives.
Enter Name
 Distinguish among
personal, ethical,
aesthetic, cultural, and
scientific values.
 Evaluate your own and
others values from
individual, cultural, and
global perspectives.
 Revise conclusions
consistent with new
observations,
interpretations, or reasons.
Connections to
Global
Competencies
 Knowledge –
World cultures,
world history and
geography, world
religions, world
government and
politics, world
economic systems.
 Skills – Interacts
with compassion,
empathy, and
respect for others
in a manner that
reflects the cultural
sensitivities within
the environment &
 Able
to
hold
opposing
views
with others from
diverse
cultures
and backgrounds,
and
to
calmly
arrive
at
resolutions
from
conflict.
 Is civically
engaged
Assessment
Method/s and Tools
Teaching Strategies, Student
Learning Activities, and
Assignments
 Complete a
problem solving
quiz on the
economic freedom
and decision
making.
 View videos in Blackboard on
international trade and its
impact on the global economy.


Declaration of
Interdependence
video:
http://www.youtube.
com/embed/CfPwh
EDmKbc

Valencia short-term
study abroad
program:
http://valenciacolleg
e.edu/international/
studyabroad/studen
ts/
shortterprograms.cf
m
http://www.youtube.com/watc
h?v=sglRGsScMIA
 http://www.youtube.com/watch?
v=xRJZWfqWcs0
 Complete a
problem solving
quiz on the
economic
development,
international trade
and the global
economy.
Instructional Materials
/ Resources
 Review readings in blackboard
on theories of culture, ethics,
economic systems, values and
socioeconomics.
 Multiple choice and
essay exam
covering
international trade,
globalization and
economic
development.
 Complete a one
page write up on
the pros and cons
of outsourcing on
the U.S. economy.
8

http://www.youtube.com/watc
h?v=3vfQeivc8pQ

http://www.youtube.com/watc
h?v=TFdUtCAXAUM

http://www.youtube.com/watc
h?v=eIzkUrXWhCo

http://www.youtube.com/watc
h?v=Ey6QFSLK7M8

http://www.youtube.com/watc
h?v=_FtzHwkdhas

http://www.youtube.com/watc
h?v=ZoDtoB9Abck

http://www.youtube.com/watc
h?v=jLh4QZDyNUA

Invitation to World
Literature: watch,
read, and timeline
resources:
http://www.learner.o
rg/courses/worldlit/
popol-vuh/watch/
Co-Curricular /
Interdisciplinary
Activities

Attend an
international club
meeting and talk
to some of the
participants
about how trade
impacts their
country’s
economy and
world view.

Attend
international
student
presentations of
America
“through their
eyes” during
International
Education Week.

Attend
international
student
presentations of
America
“through their
eyes” during
International
Education Week.
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214

 Attitudes –
Understand
personal norms,
biases, and
expectations for
one self and
others; values and
respects diversity;
demonstrates
curiosity about the
word and others.

 In class discussion and debate
on globalization and its impact
on poverty and hunger in the
global economy.

http://www.youtube.com/watc
h?v=LL7KYCqOezs

http://www.youtube.com/watc
h?v=1OAQNKcUMjs

 . Visit the chamber
of commerce event
on international
trade and Central
Florida.


 http://www.youtube.com/watch?
v=sp7vsTW9FTQ
 Values and
respects diversity.



 In class discussion on the
impact the course material on
international trade has had on
their view of international trade,
outsourcing and economic
development.
9

http://www.youtube.com/watc
h?v=7njIlZ2xYq0

http://www.youtube.com/watc
h?v=e5wODB9hgRw
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
The official course learning outcomes from the COB have been listed in blue. Enter your course internationalization mini-projects by outcome. Be
sure to include all instructional resources and assessment tools as attachments when you submit your entry to the toolkit.
CLO #5:
Entry
Name
Identify the key variables necessary for assessing the status of the economy.
CLO Expansion or
Interpretation
(Ss will be able to…)
 Analyze data, ideas,
patterns, principles,
perspectives.
 Employ the facts, formulas,
procedures of the
discipline.
Enter Name
 Draw well-supported
conclusions.
Connections to
Global
Competencies
 Knowledge –
World cultures,
world history and
geography, world
religions, world
government and
politics, world
economic systems
Assessment
Method/s and Tools

In class open
ended essay
questions
addressing the
classroom
material.

Participate in the
group discussion
and assist the
group to develop
an outline
characterizing
the different
levels of
economic
development for
the group’s
country analysis.
 Skills – Interacts
with compassion,
empathy, and
respect for others
in a manner that
reflects the cultural
sensitivities within
the environment &
 Able
to
hold
opposing
views
with others from
diverse
cultures
and backgrounds,
and
to
calmly
arrive
at
resolutions
from
conflict.
 Is civically
engaged.

Teaching Strategies, Student
Learning Activities, and
Assignments
Instructional Materials
/ Resources
 Classroom lectures, group
discussions and videos
addressing the stages of
economic development in
various countries and how to
evaluate an economic system.

Declaration of
Interdependence
video:
http://www.youtube.
com/embed/CfPwh
EDmKbc


Valencia short-term
study abroad
program:
http://valenciacolleg
e.edu/international/
studyabroad/studen
ts/
shortterprograms.cf
m
http://www.youtube.com/watc
h?v=VjVm1SrJ5hs
 http://www.youtube.com/watch?
v=3Vo76aAi62Q
Have students
discuss and write
up a brief
summary of what
they learned from
the video and
apply the
concepts to a
country in the
world today.
 Group discussions analyzing a
country in various stages of
development (less developed
and highly developed) and
discussing the socioeconomic
and sociocultural strengths and
weaknesses facing the
countries. Have the student
groups select a country to use in
the class group discussion prior
to class.
 Utilize videos from You Tube
and academic sources
discussing how globalization
has impacted the global
economy.
 http://fora.tv/2007/07/06/Globali
zation_and_the_Environment#c
omments_section
10


Invitation to World
Literature: watch,
read, and timeline
resources:
http://www.learner.o
rg/courses/worldlit/
popol-vuh/watch/
Co-Curricular /
Interdisciplinary
Activities

Attend a global
perspective
seminar at UCF
pertaining to
political,
socioeconomic
or globalization
issues.

Attend
international
student
presentations of
America
“through their
eyes” during
International
Education Week.

Attend one of
Valencia
International
Club’s monthly
student cultural
presentations
about their
countries of
origin or other
locations they
have traveled.
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214

 Attitudes –
Understand
personal norms,
biases, and
expectations for
one self and
others; values and
respects diversity;
demonstrates
curiosity about the
word and others.








 Values and
respects diversity.


International Economics
Lesson Plan
I.
Topic: International Trade, Economic Development & Globalization
A. Objective: is to help the students understand the costs and benefits of international trade by viewing the issue from a domestic and
international perspective. The students will gain a better understanding of the global economic environment by reading the chapters
pertaining to international economics. The following topics should be covered in the class discussion or lecture: international trade,
balance of payments, exchange rates & trade deficits and economic development. The students will do either a short 1-2 page APA
format paper, or an outline of the concept by applying the material in the videos to the chapter reading material.
1. Discuss gains from trade and how it pertains to international trade and the pattern of trade we see in the world. Discuss
outsourcing and its relationship to cost differentials across nations for the factors of production. Have the students write a one page
outline of the pros and cons of outsourcing by view the following videos:
 http://www.youtube.com/watch?v=7njIlZ2xYq0
11
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214

http://www.youtube.com/watch?v=e5wODB9hgRw
i. Make sure the students answer the following questions about outsourcing and economic development in the 1 page
paper or outline on international trade and outsourcing:
 What is outsourcing?
 What is fueling outsourcing from a global perspective?
 Is outsourcing good or bad for from a domestic and global perspective?
 How do some countries try to deal with outsourcing—discuss protective employment policies of some
European countries?
2. Discuss comparative and absolute advantage and how these concepts pertain to international trade in a 20 minute in class group
discussion. Have the students read the trade chapter and view the following videos:
 http://www.youtube.com/watch?v=7njIlZ2xYq0
 http://www.youtube.com/watch?v=e5wODB9hgRw
i. Make sure the students can answer the following questions after reading the international trade chapter and viewing
the videos:
 What is the difference between comparative and absolute advantage?
 Why do countries engage in trade?
 What are 3 costs and 3 benefits to international trade?
 Do trade lead to a loss of domestic jobs and unemployment?
12
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
3. Discuss the stages of economic development by having the students read the chapter on developing economies and international
trade and show them the following videos in class.
 http://www.youtube.com/watch?v=VjVm1SrJ5hs
 http://www.youtube.com/watch?v=3Vo76aAi62Q
i. Make sure the students can answer the following questions after reading the chapter on economic
development and after viewing the in class videos:
 What is economic development & why is it important to understand this concept when looking at the
different types of economic systems in the world?
 What are the stages of economic development?
 What are the primary differences between a developed and developing country?
4. Discuss globalization and its impact on the global economy by having the students do a 1 to 2 page write up or concept outline on
the globalization videos. Have the students view the following videos and apply the at least 2 of the economic concepts in the
videos to a current real world globalization issue pertaining to a country in the world.
 http://fora.tv/2007/07/06/Globalization_and_the_Environment#comments_section
 http://www.youtube.com/watch?v=LL7KYCqOezs
 http://www.youtube.com/watch?v=1OAQNKcUMjs
 http://www.youtube.com/watch?v=sp7vsTW9FTQ
i.
Make sure the students answer the following questions in their globalization paper or concept outline paper:
13
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214





What is the difference between globalization and the global economy?
What impact has globalization had on the global economy in terms of economic development and job
creation?
What impact has globalization had on environment in some countries?
What impact has globalization had on the culture of many developing and developed countries?
Do you think globalization is good or bad and why?
Quiz Suggestion: It would be helpful to have the students complete a 10 question true/false or multiple choice quizzes pertaining to the 3 chapters
used for this assignment section. The quizzes should come from the chapter on international trade, economic development and balance of payment
chapters. After the students have completed the quizzes and completed the in class or written assignments along with the in class lecture discussions,
the students should be ready to take the section exam. The professor should thoroughly cover the 3 international chapters along with the assignments
in the lesson outline. The material covered in this lesson plan can be used to help the students obtain a better understanding of the economic topics.
The professor has discretion with the questions they want to use on the quizzes. The primary goal is to make sure that the 10 question quiz comes
from the chapter readings and encourages the students to read the textbook so that the students will have a better understanding of the in class
discussion and written exercises pertaining to the videos used to reinforce the concepts. I would recommend that the students take the chapter quizzes
prior to doing the video written assignments and in class discussion assignments. This methodology will provide the professor with the flexibility to
incorporate the economic concepts into the last section exam on international trade if they chose to do so. Portions of this lesson plan may also be
used if a professor only wants to cover some of the topics. The section exam will cover these concepts if the exam covers international trade and
economic development or developing countries. Any economic textbook on international trade will complement this material.
Sample Quizzes: The following are short sample quizzes students can be given after they have read the chapters on international trade, economic
Development and have viewed the videos pertaining to the quiz topic. These quizzes can be given out in class or online in Blackboard. The students s
hould be given 20 minutes per quiz.
True/False Quiz on Economic Development & Less Developed Countries
1. Answer: False
A country with a high GDP per capita can be classified as an industrially advanced country (IAC) regardless of its industrial
development.
2. Answer: True
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Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
A country with a high GDP per capita is classified as an industrially advanced country (IAC).
3. Answer: True
In general, GDP per capita is highly correlated with alternative measures of quality of life.
4. Answer : False
A country cannot develop without a large natural resource base.
5. Answer: True,
Political instability is a deterrent to long-term private investment.
6. Answer: True
The vicious circle of poverty is the trap in which the LDC is too poor to save and therefore it cannot invest and remains poor.
7. Answer: True
Receipt of foreign aid permits less-developed countries to move to a point outside their production possibilities curve
8. Answer: False
The World Bank is the agency of the U.S. State Department that is in charge of U.S. loans to foreign countries
9. Answer: False
The main purpose of the International Monetary Fund is to manage and distribute U.S. foreign aid.
10. Answer: True
If population grows faster than GDP, then per capita GDP must fall
True/False Quiz on International Trade
1. Answer: False
If free trade is opened between two countries, then one country must gain at the other country's expense.
2. Answer: True
A country has a comparative advantage in producing a good when it has the lowest opportunity cost of producing that good.
3. Answer: True
It is possible for a nation to have an absolute advantage in the production of a product, but not a comparative advantage in
15
Course Internationalization Toolkit
ECO 2013 Principles of Economics - Macro
Toolkit Contributors: Dr. Bonnie Oliver, East Campus, Economics, 2214
the production of the same product
4. Answer: False
Protectionist policies such as tariffs and quotas are beneficial to the nation imposing those trade barriers.
5. Answer: True
According to the infant industry argument, a new domestic industry needs protection because it has higher costs than
established foreign competitors.
6. Answer: False
An increase in a nation's trade deficit occurs when that nation's exports rise and/or its imports fall.
7. Answer: True
A tariff will decrease the supply of the product.
8. Answer: False
Absolute advantage governs the potential for gains from trade
9. Answer: False
A country should export the goods in which it has an absolute advantage.
10. Answer: True
International specialization and trade according to the principle of comparative advantage is mutually beneficial for all
economies involved.
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