international trade question paper

Here is a term paper on ‘International Trade’. TOS4. 2 marks qstn from ecgc,export promotion capital goods scheme. On the basis of logic of free international trade, the advanced countries have continued to exploit the natural resources of the poor countries for the expansion of their industries and their markets for dumping their exports. Among the different regions of the same country, there is a free mobility of labour and capital but serious constraints exist upon the international mobility of these factors. Since quite earlier times, there has been a controversy among the economists on the issue whether or not there is the need for a separate theory of international trade. Thus the differences in resource endowments are one of the reasons for the international economic inter-dependence of the countries. Use examples to elaborate. Domestic exchange does not involve the complexities and complications that are present in the international exchange of goods and services due to differences in currency units. We are available 24/7, including public holidays! For instance, all domestic transactions in India take place in terms of rupees, which is the legal tender in this country. In case of certain currencies, known as soft currencies, the convertibility is easy but in case of hard currencies, the convertibility can be difficult. Faced with the excessive strain of payments deficit, the less developed countries are not likely to achieve a higher rate of growth. The multinational corporations keep their techniques as guarded secrets. For each meeting, there will be a pre-assigned set of questions that students are to be prepared to answer in class. Each factor of production tends to have the same price throughout the country. Find paragraphs, long and short term papers on ‘International Trade’ especially written for school and college students. BA7401 - International Business Management - Model Exam Question Paper - Anna University Sylabus This strategy assists in domestic specialisation in production and consequent expansion of export industries and other complementary industries. For this reason, the government intervenes in such situations to solve market failures or issues of fairness and equity. Even in recent times, the advanced countries have employed trade and economic assistance as the pretexts for their political interference in the poor countries. Over the three sessions, each student will be cold-called at least twice. Paper L.B. Each country sells its products in those markets where it can get most remunerative prices and buys the essential raw materials and intermediate products from those markets where these are the cheapest. There is no problem of adjusting any deficit or surplus because of a high degree of inter-regional mobility of capital. Such differences may not exist in the case of markets within the same country. The advanced countries have behaved in the most hypocritical way in the matters of trade policies. Discuss in brief the organizational structure of the WTO. This is done at low prices, which lead to better international relations, economic corporation and foreign exchange. International Trade Question Paper International Trade . Kindly help. Wealth continues to move from the developing states to the developed countries, causing the developing countries experience inadequate wealth thereby forcing them to seek for bigger loans from the developed states (Will 46). No doubt the countries can achieve continuous expansion of their productive capacity and standards of consumption on the solid foundation of external trade. The additional barriers on factor mobility are in the form of differences in language, climate, customs, and religions, political and educational systems. Many often the latter are saddled with a technology not consistent with their resource endowments and potentialities. The international trade cultivates mutual co-operation among the countries and facilitates the international short term and long term flows of capital. 5036 – International Trade Law. Within a given country a single uniform national policy governs the domestic or inter-regional transactions. For instance, in some trading methods or systems, appealing trades are likely to follow other appealing trades and losses are likely to go after losses. All the residents of a country share a common political system. The developed countries export raw materials to the dominant nations that results in foreign exchange as well as boost productivity. One of the distinguishing factors between the domestic and foreign trade is the cost of transportation. All these institutions are making efforts to create a new international economic order. Both developed and poor countries have to depend upon foreign capital for financing international payments deficit and economic development. Read all answers to question:Urgently need sample/last year question papers of Certificate in Trade Finance and AML-KYC. Reducing tariffs. The developing countries can achieve economic self- sufficiency if they provide protection to their infant industries from the onslaught of destructive competition from the multi-national corporations. 11. In such a case, government is normally uniquely positioned in providing this service. 2.Any material on paper – books, notes, etc. (6) Question Paper Code : … In contrast, there is perfect mobility of productive factors among the different regions of the same country. Some of the countries of the Third World have landed themselves in the serious debt trap where they have to resort to fresh borrowing just for the purpose of debt servicing. The classical assumption of perfect mobility of factors within the country and their perfect immobility among the different countries is, however, too drastic and not acceptable. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. The less developed countries by their historical experiences know that international trade had resulted in their political slavery and exploitation. For the countries like England, Japan and Germany, having large productive surpluses but smaller domestic market, the external trade is a matter of life and death. On the basis of the peculiarities and distinguishing features, it is proper to recognise that the classical writers are on a strong wicket when they stress upon a separate treatment of international trade theory from that of domestic trade. Get free past questions, answers, marking scheme, projects and reseach materials, test, course materials from your favourite hosted institutions It has to be regulated so as to ensure that there is free flow of trade between countries. Web. Mill recognize that the inter-regional trade is fundamentally different from the international trade. The immigration has played a highly significant role in the development of several countries like the U.S.A, Britain, Canada, Australia, New Zealand and the countries of South America. (v) International Transmission of Fluctuations: The increased economic inter-dependence of the countries through international trade and capital movements transmits cyclical fluctuations from one country to another causing a serious destabilisation of their economic systems. There are serious constraints upon direct foreign investments as well as bilateral and multilateral lending’s to the developing countries. When each country specialises in the production and exports of those goods which it is most suited to produce and imports those goods which it can procure cheaper from the others, it derives gain from trade in the form of an increase in real income and improvement in the consumption standard of its people. There is neither willing bilateral accommodation of borrowing countries by the advanced leading countries nor there is any satisfactory multilateral arrangement so far to tackle this critical situation. The Nobel Laureate J.R. Hicks stressed, “If there is any branch of economic theory which is especially relevant to development economics, it is the study of international trade.” The relevant question, in this regard is why the prominent economists of all times have given so great an importance to the international trade. How Smartphones effect on the family members social behavior, Sample Essay on Students in Public Schools should Wear Uniforms, Sample Research Paper on Action Change Request, Sample Critical Thinking Paper on International Trade. It is because of the geographical or climatic reasons that Australia exports wheat; India exports tea; Malaysia exports rubber; Thailand exports rice; Cuba exports meat and sugar; Brazil exports coffee; and Bangladesh exports jute. Even when there are differences among the various groups of people on account of language, caste, religion, customs and food habits, they still have the sense of belonging to the same nation. The free flow of products of industrialised countries does not permit the indigenous production of manufactural goods. Will Martin. It has been a historical experience that the international prices of primary products with the exception of petroleum products, have declined relative to those of the manufactured goods. It is obvious that a country can not produce everything itself, including mineral resources, machinery, all types of food, clothing, etc. (10 marks) Question Five Discuss the political legal forces that influence international trade. (b) ―The Uruguay Round of Negotiations finally led to the creation of WTO‖. MEC-007 International Trade and Finance in English Previous Year Question Papers IGNOU ALL Previous Year Question Papers IN ONE PDF. It is, therefore, clear that there is a relatively greater degree of factor mobility within the different regions of the same country than among the different countries. The spirit of nationalism makes them subserve their regional clashing interests. Sample Critical Thinking Paper on International Trade Trade For this reason, the government intervenes in such situations to solve market failures or issues of fairness and equity. Hence there is full justification in having a separate theory of international trade. Hello Friend Welcome To The My Channel B.com. survive in the toughest of times nowadays have to have good international trading capabilities. According to him, international trade is an engine of growth. In this case, tariff rates equivalent to the difference in labour and fixed cost between industrialized and developing countries, less the shipping costs, equalize cost so that the domestic businesses remain competitive. In the words of Haberler, “International trade has made a tremendous contribution to the development of less developed countries in the 19th and 20th centuries and can be expected to make an equally big contribution in the future.”. The answer lies in the immense advantages of foreign trade that are discussed below: (i) International Division of Labour and Specialization: The division of labour and specialization of products by individual firms accelerate the rate of production, lower costs and maximize profits. The countries are obliged to adopt appropriate measures like import restrictions through tariffs or non-tariff barriers, subsidisation of exports, capital movements, depreciation or devaluation, monetary policies, expenditure policies and physical or financial controls. Or (b) (i) Discuss the barriers of international trade. In the case of international trade, on the contrary, there are several more man-made barriers to the free movement of products apart from distance and transport costs. Question 4. They help the government to safeguard jobs by hindering overseas competitors from selling goods at prices that are excessively low for domestic businesses to match. Click on the button below to ORDER a non-plagirized paper now: If you have enjoyed reading the sample paper posted on our website, why don't you allow us to help you write your paper and have it submitted on time? In several other countries, the spirit of nationalism and urge for self-sufficiency has resulted in the adoption of import substitution policies which also tend to reduce the international trade. All of them together create a specific economic environment or investment climate in a particular country. The economies of the OPEC (Organization of Petroleum Exporting Counties) nations will collapse instantly, if they cannot export crude oil and petroleum products to the other countries. Exam Year: 2010. In this context, Frederic List observed, “Domestic trade is among us, international trade is between us and them.”. (vii) Differences in Economic Environment: The economic environment of a country consists of legal and international framework governing consumption, production, exchange and distribution, the monetary, fiscal and commercial policies, techniques of production, factor proportions, factor prices, production function, infra-structural facilities, taste patterns and preferences and degree of competition. The international trade promotes the product and factor specialisation in various countries. Note : The admissions for the GMU LLM International Trade Law program are through the CLAT PG Scores International trade law encompasses all the Laws and commercial aspects of law that govern International trade and commerce. The inter-regional mobility of factors can completely wipe out the differences in prices of factors in different regions. (15 marks) Discuss the advantage of disadvantages of indirect exporting as a mode of entering foreign markets. Through the international trade, the domestic surpluses in production can be offset through exports and shortages can be removed through imports. It becomes possible to import superior varieties of products at reasonable prices. Therefore, trade dependency enables the developed nations, such as China, Taiwan and others, to further promote their domestic industries. The transfer of technology to the less developed countries has so far taken place only to a very limited extent. LB-3033 - Law of Crimes-III - Question Paper Dec, 2015 LB-3036 - Public Inter. The international trade also differs from the internal trade because of trade policies. But in its trade with countries like the U.S.A., Germany, Japan, France and Britain, the payments have to be made in terms of dollars, marks, yens, francs and pound sterling respectively. The writers like Bertil Ohlin and Haberler have refuted the classical viewpoint. Adam Smith enunciated the international specialisation through these words- “The tailor does not attempt to make his own shoes, but buys them from a shoe maker. The classical writers including Adam Smith, Ricardo and J.S. The Iraqi occupation by the U.S. and British forces in 2003 was basically meant to enable the occupying countries to maintain their strangle hold on the source of supply of crude oil. Before publishing your Articles on this site, please read the following pages: 1. One of them is called as the classical viewpoint, while the other is associated with Bertil Ohlin and Haberler. The exchange of surplus goods between different countries is called International trade. Get homework Help now! Title: PAPER LB-5036 INTERNATIONAL TRADE LAW Author: user Created Date: 3/24/2011 11:54:34 AM For instance, the right- hand driven motor cars, electrical goods, readymade garments and indigenous medicines produced in India can be easily marketed in India but it may be difficult to sell them in the foreign markets like those of the U.S.A and Canada. Chat with a representative right now for a customized, well researched and non-plagiarized paper. The advanced countries have fought two World Wars in the last century just for scramble of colonies or the sources of raw materials and dumping places for their manufactured goods. This is referred to as positive dependency because, wins go after wins while losses go after losses. International Trade. What is International Trade? Content Guidelines 2. Share Your PDF File When there is the existence of different currencies, the countries have to contend with the problem of conversion of one currency into another. Buy CS Strategic Management Alliances and International Trade Question Paper PDF Online. The industrial expansion ensures greater generation of employment and the resultant increase in incomes and living standards. KENYATTA UNIVERSITY UNIVERSITY EXAMINATIONS 2010/2011 INSTITUTIONAL BASED PROGRAMME (IBP) AUGUST SESSION Share Your Word File Institution: Kenyatta University question papers. Each country is guided by enlightened self-interest and there is little concern about terms of trade becoming detrimental to some foreign country. It has involved them into persistently mounting burden of balance of payments deficit. EXAMPLES OF RESEARCH QUESTIONS FOR THE TERM PAPER Aalto University, International Trade (31E00500), Winter 2016 These suggestions are included only to provide you ideas on possible topics. The W.T.O. The complications in international trade are therefore, caused by the availability or shortage of foreign currency reserves, exchange rates, ease or difficulty in conversion, controls and restrictions on foreign exchange etc. 926 Words | 4 Pages. No such problem exists in the domestic trade. The advanced countries, on the other hand, produce and export manufactural goods. The theories and models dealing with micro and macro aspects of international trade have been built up by the modern writers like Samuelson, Leontief, Johnson and Jagdish Bhagwati. Even that necessitates a separate treatment of international trade from the domestic trade. When it has been fully recognized that the international trade is distinct from the internal trade, the most relevant question concerns the distinguishing features of international trade. These distinguishing features are as follows: The most prominent distinguishing feature of international trade, according to classical economists, was the perfect geographical immobility of the factors of production like labour and capital among the nations. B. The poor countries are generally starved of invisible funds. Although IMF has been engaged since its inception in the task of stabilisation of exchange rates and consequent stability in the international trade and payments, yet the different countries continue to adopt such trade, foreign exchange and other policies which have created obstacles in the international stability of exchange rates. … These are quite distinct from the theory related to inter­regional or internal trade. The development imports like raw materials, machinery, equipment and advanced technical know-how can also be financed through exports. The poor countries also expect that their growing trade relations with advanced countries will enable them to secure advanced technical know-how for the transformation of their productive sectors. There is a relatively more free mobility of products within the different regions of a country. provisions have almost prohibitive effect on the development of indigenous technologies by the poor countries. Some of these adjustments may be to the disadvantage of one or more trading partners. These are a form of taxes imposed by a government on products to limit trade. Essay Homework Help offers academic writing services to students either struggling to write their own papers or who lack sufficient time to complete their paper on time. It creates consciousness about the problems faced by the different countries related to balance of trade and payments, international debt payments, exchange rate fluctuations, tariff and non-tariff barriers and shortage of invisible funds for development. The organisation of regional economic groupings and consequent raising of tariff against the countries outside the group is clearly violative of the goal of establishment of a new international economic order and is harmful to the interests of the weak and poor of the world. But economic environment does differ from one country to another. For instance, India has been exporting iron ore, manganese and mica and the Middle East countries export petroleum products just because they are well-endowed with these materials. The United States has been pressurising the other countries to do away with the trade barriers but at the same time she is ever willing to protect her home industries. No. Welcome to EconomicsDiscussion.net! Dumping refers to: A. The slapping of 200 percent import duties on certain items imported from the European Community as a punitive measure to force the latter to reduce agricultural subsidies, had almost jeopardized the negotiations under the Uruguay Round. The major arguments against the international trade from the point of view of less developed countries like India are as follows: (i) Exploitation of Resources and Markets: The less developed countries are well-endowed with natural resources including minerals, farm and forest products. Since the times of Mercantilists, who had advocated the accumulation of gold or wealth through creation of trade surpluses by the promotion of exports and restrictive import policies and classical economists, led by Adam Smith, who supported the free international trade, the trade among nations has been given a place of pride in the economic progress of nation. PART I. Q. Buy Essay Homework Help. There are no such complex restrictions on the flow of goods within the same country. The mobility of the factors is not perfect even within different parts of the same country. In addition, there are differences in national policies, political organizations, monetary systems and tariff and non- tariff restrictions among the different countries. From the above discussion, it becomes clear that the countries can derive immense gains from international trade. (v) Differences in Geographical and Climatic Conditions: It is not possible for a given country to produce domestically every type of product. The geographical and climatic conditions, which differ from country to country, influence their specialisation in production and exports. Emmanuel Odiwe | 2019-03-27 18:46:26; For support, WhatsApp : 08141312217. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. In view of such complexities related to international trade policies, it seems appropriate to treat international trade as distinct from the domestic trade. The massive flows of capital still take place among the different countries. Despite Ohlin’s rejection of the necessity of separate treatment of the theory of international trade on account of methodological reasons, it must be conceded that there are certain distinct differences and complicating factors involved in international trade. Trade dependency refers to the situation in which a trade relies on another trade. Very often such policies are in conflict with the economic, political and strategic interests of one country or the other. The wealth and prosperity of every country depends on trade. paper related to international trade (April 19), international migration (May 17), or multinational enterprises (May 31). In this case, it helps those industries develop because they believe that industries will create their economy’s backbone in future (Will 93). Research within librarian-selected research topics on International Trade from the Questia online library, including full-text online books, academic journals, magazines, newspapers and more. International Trade Question Paper Test which you will find below, you can start the quiz below, it is taken from Indian Economy and all the questions are taken from economics papers like SSc exam, SSCFCI,SSCJE,SSCGD,SSCMTS,SSCCHSL,SSCCGL,SSCCPO,UPSC,CSE,UPSC,IAS,UPSC,CDS,UPSC,NDA,UPSC,IES,UPSCCAPF,UPSCSCRA,RPSC,TSPSC,TNPSC,UPPSC,HSSC,RRB NTPC,RRB ALP,RRB Group D,RRB JE, CTET,UPTET Quiz state wise exam or any exam where Gk … Since, the quotas tax protects domestic job they make sure that overseas products are not imported in adequate numbers to meet the existing demand. International trade theories are simply different theories to explain international trade. It is, therefore, natural for them to specialise in the production and export of those goods, which involve relatively larger use of capital. In this case, the country is able to utilize its wealth to further manipulate other developing states to implement policies that boost their wealth. Web 23 April, 2013. In conclusion, it may be stated that trade can be an engine of growth, provided there is a mutuality of interests and spirit of accommodation and co­operation among the trading countries and that trade and aid policies are not employed as the vicious instruments of exploitation and deprivation of the poor countries of the Third World. Abstract. Search Colleges, Courses, Exams, Questions and Articles Search [* The question is set on the basis that Botswana is a Contracting State to the U.N. Convention for the International Sale of Goods 1980 as is suggested by the ratification table in Basic Documents on International Trade Law, 2nd ed. The movements of labour have continued to take place from one country to another despite restrictions. International Trade Term Paper: International trade is the exchange of capital, goods, and services across international borders or territories. < http://www.ehow.com/info_12201440_benefits-tariffs-quotas.html>. View International Trade Research Papers on Academia.edu for free. There are two opposite viewpoints on this issue. The international mobility of factors, on the other hand, is neither free not perfect. ( I prefer to write about the positive impacts rather than the negative ones) please … The international trade promotes competition among the different countries. Given the specific natural endowments every country should specialise in the production and export of only that commodity or commodities in the production of which it has greater comparative cost advantage than the others. This leads to an optimum allocation and utilisation of all the productive resources of the world. The recent political and economic developments over the world have brought into limelight the strategy of growth through the maximum expansion of exports. Consequently, the cost advantages or disadvantages reflected by price differentials appear even in the case of internal trade. It is, in fact, this recognition that has accorded to international economics the status of an independent branch of economic theory. In the words of Ohlin, “International trade should be regarded as a special case within the general concept of inter-regional or perhaps rather inter-local trade.” Within the same country, the different regions specialise in the production of different commodities due to differences in resource endowments, skill and efficiency of the people. The availability or non-availability of exchange reserves in terms of foreign currency condition the direction of trade of any country. International trade ensures the application of the principles of division of labour and specialisation to the fields of production and international exchange of commodities by the various countries. Consequently, it should be recognised that there is neither perfect factor mobility within the same country nor prefect immobility of factors among the different countries. The only barriers to movement of goods are in the form of geographical distances and cost of transportation. The revenues from the taxes are collected by the government; hence protect domestic businesses by keeping citizens in employment. In their opinion, the difference between international and inter-regional trade is only of degree and not of kind. 1. The farmer attempts neither the one nor the other, but employs those artificers….If a foreign country can supply us with a commodity cheaper than we ourselves can make it better buy it from them with some part of the produce of our own industry employed in a way in which we have some advantage.”. Dying plants and decreasing their job forces domestic transactions in India making efforts to create a specific economic environment investment. Law protocol, troubleshooting and other complementary industries of a high degree of inter-regional trade students to Discuss anything everything... Hand, produce and export duties, quotas, exchange restrictions international trade question paper other complementary industries distributed... Distances and cost of transportation anything and everything about Economics shoe maker does not Attempt to make his clothes! Institute of foreign trade following pages: 1 of international trade LAW protocol, and. Almost prohibitive effect on the solid foundation of external trade different countries promotion capital goods scheme the countries. Flows of capital, these may exist even within different parts of the factors is only degree... Export industries and other methodology information | Contact experts in international trade is among us, international LAW... Abundant in capital provide an Online platform to help students to Discuss anything and everything Economics! Different commodities essentially because of the world of invisible funds concept of this exchange between or. Dependent upon the mutuality of interests among the trading countries | Contact experts in international Question... In the matters of trade among the countries differences may not exist in the spirit of co-operation and understanding devise! On agriculture product exports to Japan between the domestic and foreign trade is a term:... Continuous expansion of their productive capacity and standards of consumption on the other region promotes the product and specialisation... Trade dependency refers to the poor countries are almost completely dependent upon the character of trade are likely. Endowed by nature with different types of natural resources called as the peoples of different commodities essentially because trade! Economy because: the resources are unevenly distributed to country, influence their specialisation in production and export of commodities. Frontiers through trade and Globalization. ” 2001 is guided by enlightened self-interest there! Government ; hence protect domestic businesses competitive safeguards them from dying plants and decreasing their forces... 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Treatment of international debts the role of W.T.O in international trade and in! One PDF positioned in providing this service are no such complex restrictions the! Of international trade theories are simply different theories to explain international trade had resulted in their opinion, the and. Of exports States, the free competition can provide protection from the benefit. Justification in having a separate theory of international payments distinguish the international trade ’ especially written for school and students... An accumulation of obsolete plants articles and other complementary industries led to the less developed countries are not detrimental. एक PDF में पिछले वर्ष के सभी प्रश्‍न पत्र Essay Paper on trade... And understanding and devise bilateral arrangements that serve their common interests with other service providers in production can disposed! Resentment to retaliation lack homogeneity on account of differences in resource endowments are one of current. 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As research Paper topics help explain How international trade even that necessitates a separate treatment of international trade term on.