<para>By the end of this section, you will be able to:</para>
<ul>
<li>Explain the origin and role of the World Trade Organization (WTO) and General Agreement on Tariffs and Trade (GATT)</li>
<li>Discuss the significance and provide examples of regional trading agreements</li>
<li>Analyze trade policy at the national level</li>
<li>Evaluate long-term trends in barriers to trade</li>
</ul>
<para>By the end of this section, you will be able to:</para>
<ul>
<li>Identify U.S. budget deficit and surplus trends over the past five decades</li>
<li>Explain the differences between the U.S. federal budget, and state and local budgets</li>
</ul>
<para>By the end of this section, you will be able to:</para>
<ul>
<li>Explain biodiversity</li>
<li>Analyze the partnership of high-income and low-income countries in efforts to address international externalities</li>
</ul>
<para>By the end of this section, you will be able to:</para>
<ul>
<li>Explain and give examples of positive and negative externalities</li>
<li>Identify equilibrium price and quantity</li>
<li>Evaluate how firms can contribute to market failure</li>
</ul>
<para>By the end of this section, you will be able to:</para><ul><li>Discuss how productivity influences the standard of living</li><li>Explain the limitations of GDP as a measure of the standard of living</li><li>Analyze the relationship between GDP data and fluctuations in the standard of living</li></ul>
<para>By the end of this section, you will be able to:</para><ul><li>Explain how GDP can be used to compare the economic welfare of different nations</li><li>Calculate the conversion of GDP to a common currency by using exchange rates</li><li>Calculate GDP per capita using population data</li></ul>
<para>By the end of this section, you will be able to:</para>
<ul>
<li>Calculate the annual rate of inflation</li>
<li>Explain and use index numbers and base years when simplifying the total quantity spent over a year for products</li>
<li>Calculate inflation rates using index numbers</li>
</ul>
<para>By the end of this section, you will be able to:</para><ul><li>Explain the connection between trade balances and flows of financial capital</li><li>Calculate comparative advantage</li><li>Explain balanced trade in terms of investment and capital flows</li></ul>
<para>By the end of this section, you will be able to:</para>
<ul>
<li>Differentiate among a floating exchange rate, a soft peg, a hard peg, and a merged currency</li>
<li>Identify the tradeoffs that come with a floating exchange rate, a soft peg, a hard peg, and a merged currency</li>
</ul>
