Respond to each question individually. Provide references as well.

Question1. Is it possible for comparative advantage to change, and thus change the direction of trade?

Question2. What are the challenges of the international trading system? Explain, give examples and/or back up your answer with evidence.

Question3. Does factor price equalization occur in the real world? Explain, give examples and/or back up your answer with evidence.

Question4. What is the focus of the product life cycle theory, and where is it applicable?

Question5. Can import duties have unintended side effects? Explain, give examples and/or back up your answer with evidence.

Question6. What are some major trade problems faced by developing nations?

Question7. Does exposure to competition with the world leader in a particular industry improve a firm's productivity? Explain, give examples and/or back up your answer with evidence.

Question8. What are the essential arguments in favor of free trade?

Question9. Is it possible to estimate the gains from trade? Explain, give examples and/or back up your answer with evidence.

Question10. How can tariffs be justified?

Question11. What are the intent and impact of domestic content requirements?

Question12. What are the concerns with the U.S. Free Trade policy?

Question13. Describe the theory of optimum currency areas, for example, the European economic community.

Question14. Determine the disadvantages of forming corporate joint ventures between multinational corporations in the home and host country?