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amemberofthegovernmentofanationontheperipheryofEuropecurrentlyconsideringthebenefitsthatEuropeanUnion(EU)membershipmayprovideforyournation.Yourtaskistousethe14elementslistedtoconvincethePremierofthenationofthebenefitsofjoiningtheEU•anExportBrandManagerwhoisprovidingananalysisofthecurrentexternalenvironmentinorderthattheBoardofDirectorscan,withyourassistanceinthefuture,developamarketingplanforthelaunchofanewproduct•1Explainthreegainsfromtradinginternationally.•2Providingarecentexample,explainwhatismeantbyfreetrade.•3ExplainabsoluteandcomparativeadvantageusingeitheraworkedexampleorananalysisofthechangesintheUnitedKingdom’s(UK)absoluteandcomparativeadvantage.•4Whatisprotectionismandprovidetworecentexamplesthatdemonstrateargumentsthatgovernmentsmayputforwardforitsuse.•5Describetwobarrierstotradeandproviderecentexamplesofthem.•6Usingarecentexample,explaintheroleoftheWorldTradeOrganisation(WTO)inthedevelopmentoffreetrade?•7UsingaEuropeanUnion(EU)initiative,discusstheroleoftheEUinpromotingtrade.•8Explainthecompositionofthebalanceofpayments.Youmayexplainitscompositionbasedontradefiguresfromarecentyear.•9WhatarethegeneraltrendsinUKtradeoverthelast30years?Youmaydothisbyexaminingthecurrentbalanceovertheperiod.•10Howisthebalanceofpaymentsaffectedbyexchangerates?Youmayprovideabasictheoreticalexampleorrecentcasetoillustratethis.•11ExaminetwoadvantagesandtwodisadvantagesofthesinglecurrencyfortheUK.•12Explaintwoeffectsonindividualsandtwoeffectsonbusinessesofthesinglecurrency.•13UsingrelevantexamplesexplaintwocharacteristicsofLessDevelopedCountries(LDCs).•14Usingspecificexamples,provideananalysisoftwocurrentissuesthatfaceLDCs•15Explain,withtheaidofrecentexamples,twoimpactsofmultinationalsonNewlyIndustrialisedCountriesandLDCs.