Part One: Short-answer questions. Part Two: Essay writing (50 points) Answer TWO of the following essay questions. The expected length of the answers is about 600-800 words for each question

*Part One: Short-answer questions (Note: Referring to internet sources is fine, but do not simply copy and paste from internet sources.) (20 points) 1. What is the "infant industry theory"? 2. Who benefits when their local currency appreciates ( goes higher)? Specify at least two groups (1) (2) with brief explanation for the reasons. *Part Two: Essay writing (50 points) Answer TWO of the following essay questions. The expected length of the answers is about 600-800 words for each question. However, the answers are graded based on their contents, not for their length. (1) Why are countries keen to conclude RTAS/FTAS? Discuss, referring to an example/ examples of certain trade agreement(s). Consider the pros and cons of concluding FTAS /RTAS instead of pursuing global free trade under the framework of the WTO (2) What are the costs and benefits of having more foreign companies invest in a developed country like Japan? How can we minimize the costs? (3) What do you think are the most important policies to develop an economy? What are the obstacles to achieve economic development? Discuss, both from the viewpoint of the government of the economy and that of the global society. Using the case of a particular country as an example is considere to be a plus.