International economics

Table of Contents

1. Topic pack - International economics - introduction
2. Section 3.1 International trade (notes)
3. Section 3.1 International trade (questions)
   1. Reasons for trade - short answer
   2. Vietnam joins the WTO
   3. Russia's WTO membership bid backed by European Union
   4. Types of protectionism - short answer
   5. Arguments for protectionism - short answer
   6. International bread basket
   7. New Zealand apple growers bite back - trade & protectionism
   8. Fowl Play?
   9. Dumping shoes on the EU
   10. Protectionism in Europe
   11. Imposing a tariff - numerical
   12. Setting a quota - numerical
   13. Giving a subsidy - numerical
4. Section 3.1 International trade - simulations and activities
5. Section 3.2 Exchange rates (notes)
6. Section 3.2 Exchange rates - questions
7. Section 3.2 Exchange rates - simulations and activities
8. Section 3.3 Balance of payments - notes
9. Section 3.3 Balance of payments - questions
10. Section 3.4 Economic integration - notes
11. Section 3.4 Economic integration - questions
12. Section 3.5 Terms of trade - notes
13. Section 3.5 Terms of trade - questions
14. Print View

Reasons for trade - short answer

Question 1

Explain two reasons why countries may engage in international trade.

Question 2

Discuss the view that the main reason to trade internationally is to benefit from lower prices.

Question 3

With the use of suitable examples, explain how the law of comparative advantage and the concept of opportunity cost are linked.