1. Identify what classifies a country as low-income, middle-income, or high-income.
2. Explain how geography, demographics, industry structure, and economic institutions influence standards of living.
3. Explain the significance of a converging economy .
4. Explain the relationship between economies of scale and intra-industry trade
5. Explain protectionism and its three main forms.
6. Discuss the effects of trade barriers
7. Discuss why a market-oriented economy is so affected by international trade.
8. Explain with an example a disruptive market change
9. Discuss absolute advantage, comparative advantage, and opportunity costs
PLEASE ANSWER EACH QUESTION IN GREAT DETAIL!!