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Q. It is argued that import substitution is a misguided trade policy if the intent is to show long-term economic growth. Illustrate the reasons underlying this argument.
Answer: Import substitution support that economic activity in which the country is relatively incompetent. This lowers the actual income at any given time and decreases the resources which are able to be used for investment purposes hence lower growth rates. A further answer is that import substitution by creating a protected domestic market is unsuccessful to provide incentives to produce high or world class quality - which signifies this country can't market in foreign countries. With such a perceived limited market endogenous economic growth will not be forthcoming. Finally it perhaps that exposure to world competition has its own dynamic effect promoting economic growth.
Q. Discuss studies based on the interest parity conditions. Answer: Generally the formula doesn't hold and isn't a good predictor of future devaluations. Even poorer it
oppotunity cost theory of international trade.Explanation of the theory
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een subject to a discrimination complaint as a result of their recent recruitment campaign- They told the recruitment agency that they were looking for ‘young women with flair'' to
1. Explain why many Asian countries set up Export Processing Zones and why China set up Special Economic Zones. What are the similarities and differences between EPZs and SEZs?
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Q. Given the opportunity to sell at world prices, the marginal (opportunity) cost of selling a ton domestically is what? Answer: $5/ton.
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