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4.1 revision questions: international economics1. Definition of globalisation
2. State four main characteristics of globalisation
3. State the figure of the value of global trade in 2020
4. Main factors which have contributed to globalisation in the last 50 years
5. State advantages and disadvantages of globalisation and its impacts on stakeholders
6. Comparative advantage: what it is and how it is beneficial
7. What is absolute advantage
8. Assumptions made with comparative advantage
9. Diagram for comparative and absolute advantages
10. What are the limitations to comparative advantage
11. Advantages of international trade and specialisation
12. Disadvantages of international trade and specialisation
13. what are patterns of trade
14. What influences a country’s pattern of trade.
15. Definition for terms of trade
16. Calculation of the terms of trade
17. Factors influencing a country’s terms of trade
18. How does a change in the terms of trade impact the economy and what does this depend on
19. The relation between PED and the changes in the terms of trade
20. Define a trading bloc
21. What are FTAs
22. What is a customs unions
23. what is common markets
24. What is a monetary union
25. What are the essential conditions for a successful monetary union such as the Eurozone
26. Cons and benefits of regional trade agreements
27. Who are the WTO
28. What is the role of the WTO in trade liberalisation
29. What are the conflicts between regional trade agreements and the WTO
30. Define protectionism
31. Reasons for protectionism
32. what are the most common types of protectionism
33. What is a tariff
34. Draw diagram for imposition of tariffs
35. What are quotas
36. Why would a government offer subsidies to domestic producers
37. List other non-traiff barriers
38. What is the impact of a tariff on domestic producers? Domestic consumers? Government? Standards of living?
39. what is the impact of a quota on domestic producers? Foreign producers? Consumers? Government? Standards of
living? Equality?
, 40. What is the balance of payments?
41. What are the 3 sections of the BoP?
42. What is the current account?
43. What is the capital account?
44. What is the financial account?
45. What are the causes of a current account deficit?
46. What are the measures to reduces imbalances on the current account?
47. What are the advantages of expenditure switiching policies?
48. What are the cons of expenditure switching policies ?
49. What are the pros of supply side policies to reduce imbalances in the current account?
50. What are the cons of supply side policies to reduce imbalances in the current account?
51. Why could a persistent account surplus be damaging to an economy?
52. Define exchange rate
53. What are the 3 types of exchange rate systems?
54. Which factors influence exchange rates?
55. What are the consequences of competitive devaluation/depreciation?
56. What impact does a change in the interest rate have on the currect account?
57. What is the Marshall Lerner condition?
58. What does the J-curve represent?
59. What impact does a change in the exchange rate have on economic growth?
60. What impact does a change in the exchange rate have on inflation?
61. What impact does a change in the exchange rate have on unemployment?
62. What impact does a change in the exchange rate have on the living standard?
63. What impact does a change in the exchange rate have on foreign direct investment?
64. What two metrics are used to measure international competitiveness?
65. What are the factors which influence international competitiveness?
66. What are the benefits of being internationally competitive?
67. What is one benefit of not being internationally competitve?
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