Globalisation and International Trade
10 important questions on Globalisation and International Trade
In what ways is the globalisation process affected for individual economies:
- financial markets
The effect on national income in country B of a change in exports (or imports) of country A is called:
What factors influence gains from trade:
- Increased competition
- Trade as an 'engine of growth'
- Non-economic advantages
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The price index of exports divided by the price index of imports and then expressed as a percentage is called the:
The theory that protecting/supporting certain industries can enable them to compete more effective with rivals is called:
What are some problems with trade protection:
- Retaliation
- Protection may allow firms to remain inefficient
- Bureaucracy
The WTO requires its member to operate according to the following rules:
- Reciprocity
- Prohibition of quotas
- Fair competition
- Binding Tariffs
What are long-term advantages of a customs unions:
- External economies of scale
- Gain better terms of trade
- Increased competition
- More rapid spread of technology
What are long-term disadvantages of a customs union?
- Encourage greater oligopolistic collusion
- Diseconomies of scale
- costs of administering may be high
What stages go developing countries through:
2. Secondary inward looking stage
3. Secondary outward looking stage
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Topics that are related to Globalisation and International Trade
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Globalisation and International Trade - Trading Blocs - Types of preferential trade agreements
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Globalisation and International Trade - Trading Blocs - The Direct Effects of a Customs Union: Trade Creation and Trade Diversion
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Globalisation and International Trade - Trade and Developing Countries - The relationship between trade and development
