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Question 1:
‘The WTO was set up with the intention of regulating international trade between countries'. How successful has the WTO been in attaining its objectives?
Question 2:
‘Over the past three decades, regional trade agreements (RTAs) have proliferated to the point where virtually all members of the WTO belong to some form of RTA notified to the GATT, whether a customs union, a free trade agreement, or an interim agreement leading to one or the other. This development has redefined the world trade scene and represents both a challenge and a unique opportunity for the WTO:
a challenge because RTAs can result in trade and investment diversion, leading to high welfare costs for non-participants as well as for participants; an opportunity because they may create or consolidate regional dynamic forces in favour of freer trade, which can engender significant welfare benefits for participants as well as for the rest of the world'. Discuss.
Is the balance of payments a problem? A persistent balance of payments shortage is bad when used to finance consumption, but good when financing imports of suitable capital wh
elasticity concept occupies a central place in policy formulation
(a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the comm
Consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1, 1, 1).
use of linear programming in decision making
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