1. Identify and explain the major differences between the (Ricardian) Theory of Comparative Advantage and the (Heckscher-Ohlin) Factor Endowments Theory. Identify three industries in which the United States is likely to have a comparative advantage over its major competitors - briefly explain your choices.

2. Carefully review the Heritage Foundation Index of Economic Freedom for 2013. Choose three countries and find their economic freedom index ranking.

Discuss the rationale for their placement on the Heritage Foundation list.

3. Review the list of trade dispute settlements on the World Trade Organization

Choose three trade dispute cases that involve the United States as a counterparty; discuss their origins, rationale and resolutions.

4. Explain the major provisions of the Uruguay Round of multilateral trade negotiations.

5. Discuss and explain the major provisions of the North American Free trade Area (NAFTA) agreement. Briefly discuss the major benefits of NAFTA to the U.S. economy.