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Question 1:
a) Explain, with the use of examples, what is meant by the ‘Factor Endowment Theory'.
b) According to you, can the ‘Factor Endowment Theory' be a reasonable explanation of the pattern of world trade nowadays?
Question 2:
a) Identify and explain any 3 types of non-tariff barriers (NTBs).
b) According to you, are tariffs or NTBs more distortionary to trade?
Question 3:
a) Explain the principle of ‘Liberalisation' and ‘Non-discrimination' as laid down by GATT 1947.
b) According to you, are these principles beneficial for developing countries (including least developed countries)?
Question 4:
The Trade Related Aspects of Intellectual Property Rights (TRIPs) agreement has largely influenced global trade since 1995.
a) Explain what intellectual property rights are and why they are applied.
b) Discuss why NGOs have been protesting against the inclusion of TRIPs agreement into World Trade Organisation (WTO) rules.
explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity
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What are the differences among developing economies? Developing countries are diverse. They can be different in terms of as: • Resource Endowment for example, a country is
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QUESTION (a) Explain the law of demand and the factors affecting demand. (b) Explain and illustrate how demand of a commodity will change if there is a tax on that product.
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