CIA4U - Analysing Cu
ent Economic Issues
Unit 3 Assessment - Macroeconomics
Instructions: This assessment involves learning some new information and applying it to what
we studied together in Unit 3. The new information comes in the form of two podcasts about
trade.
The column on the left below lists all the new information that you should take notes on when
listening to the pod casts. The column on the right shows a list of the ideas we studied in Unit 3
that you should be familiar with or look up in your notes when answering the questions.
You can see what you are being assessed on using the Answer Criteria ru
ic below. All
marking categories are divided evenly with 5 marks allocated to each question.
Please answer each question in the form of a paragraph and an accompanying slide with a few
ullet points about the subject,
New Learning Ideas Already Studied
❏ How did Adam Smith redefine the
wealth of a nation? How did that
impact the view on trade?
❏ How did America see trade when it
first began?
❏ Who was Cordell Hull and his idea
about trade?
❏ How did people see the ideas of
Cordell Hull at first and how did that
change after WW2?
❏ What is the GATT (General
Agreement on Tariffs and Trade)?
❏ What are non-ta
if ba
iers?
❏ How can domestic laws influence
trade even when there are little or no
tariffs?
❏ How might the WTO rule in favor of
global efficiency and against one
country’s preference for their market?
❏ Specialization
❏ Productivity
❏ Efficient, inefficient and impossible
production
❏ Opportunity cost
❏ Constant opportunity cost
❏ Increasing opportunity cost
❏ World Trade Organization
❏ Tariffs
❏ Lumber dispute between US and
Canada
❏ Trade war between US and China
❏ Production Possibilities Curve
❏ Comparative Advantage
❏ Absolute Advantage
❏ The key drivers of trade
❏ Globalization
❏ Migration
❏ Environmental impacts of
globalization
❏ Globalization and inequality
❏ Trade deficit
❏ Trade surplus
❏ Trade and jobs
Paths to Knowledge
CIA4U - Analysing Cu
ent Economic Issues
Unit 3 Assessment - Macroeconomics
❏ Planet Money Podcast: Trade Show
❏ Planet Money Podcast: Worst Tariffs
Ever
❏ Review notes on Unit 3
Answer 5 of 6 questions or answer all and only the top 5 will count.
1. What notion that we studied in Unit 3 does the speaker begin by challenging? Explain.
2. What was the GATT? Select two ideas from the “already studied” list above that apply to
the GATT. First explain the ideas and then explain how those two ideas might contribute to
global peace?
3. What are non-tariff ba
iers? Identify one example from the “already studied” list above that
describes a non-tariff ba
ier? Explain your answer.
4. How did the shift from the priorities of GATT to the priorities of the WTO create challenges
elating to the environmental impacts of trade?
5.
Let’s assume the above graphs are showing the production possibilities curve for Mexican
tuna vs salmon (the example from TED Talk). The US places on non-tariff ba
ier on tuna.
https:
www.npr.org/2020/11/18/ XXXXXXXXXX/trade-show-update
https:
www.npr.org/2020/11/11/ XXXXXXXXXX/worst-tariffs-ever-classic
https:
www.npr.org/2020/11/11/ XXXXXXXXXX/worst-tariffs-ever-classic
CIA4U - Analysing Cu
ent Economic Issues
Unit 3 Assessment - Macroeconomics
Which of the above options shows the most likely impact on production possibilities for
Mexico? Explain your answer.
6. If Mexico decided to set up its cu
ency so that one peso would always be half the value of
one dollar, do you think that would be a non-tariff trade ba
ier for the United States in its
trade relationship with Mexico? Explain your answer.
Answer criteria Max points Points awarded
Summaries of new learning and ideas already studied are
accurate. (Knowledge)
20
Answers demonstrate an ability to apply the new learning to
the ideas already studied. (Application)
20
Your pairing of new learning to ideas already studied shows
creative insight. (Thinking)
20
Your answers are clear and well presented (spelling and
grammar). (Communication)
20
Total 80