Question1. Discuss and explain the advantages and disadvantages of having one world currency.

Question2. There are many trade agreements around world which involve many nations. In North America, for example, there is the North American Free Trade Agreement (NAFTA). These trade agreements spell out the rules for trade amongst the nations which abide by the treaty.

Some advocates of NAFTA are in favor of expanding the agreement to include all nations in North and South America (although it is not clear if Cuba would be included).

Discuss the benefits and costs of such a sweeping trade agreement. Consider the various countries involved (you do not have to look at all of them!) and what it means for first and third world nations to join in such an agreement.