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ECS3702 - International Trade (ECS3702) Assignment 01 Year 2021 TL001
- Institution
- University Of South Africa (Unisa)
ECS3702 - International Trade (ECS3702)
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, ECS3702 Assignment 01 Year 2021
Super Semester
1. International economics is concerned with
[1] The flow of goods, services and payments among nations
[2] Policies directed at regulating the flow of goods, services and payments
[3] The effects of policies on the welfare of a nation
[4] All of the above
International economics is concerned with the effects upon economic activity from international
differences in productive resources and consumer preferences and the international institutions that
affect them.
2. An increase in the rand price of a foreign currency will usually
[1] Benefit South African exporters
[2] Benefit South African importers
[3] Benefit South African importers and exporters
[4] Harm South African importers and exporters
Currency depreciation is the loss of value of a country's currency with respect to one or more foreign
reference currencies, typically in a floating exchange rate system in which no official currency value is
maintained. Currency appreciation in the same context is an increase in the value of the currency.
3 According to the mercantilists, trade is a ----------------, however, subsequent trade theories have
argued that trade is a --------------------
[1] negative sum game, zero sum game
[2] zero sum game, negative sum game
[3] zero sum game, positive sum game
[4] positive sum game, negative sum game
Mercantilists were a group of writers in Europe during the period 1500 to 1800, they were merchants,
bankers, government officials and philosophers. International trade can be viewed as either a zero
sum game or as a positive sum game. Their motivation for trade was self-interest and the gains of
winners are offset by the losses of the losers, hence the expression "zero sum game".
3. The mercantilists’ argument was based on the idea that
[1] All nations benefited from trade
[2] No nation benefited from trade
[3] A nation’s wealth and power were fostered most effectively by protecting domestic producers
from overseas competition
[4] A nation’s wealth and power were fostered most effectively by protecting the wealthy from
overseas ccompetition
According to the mercantilists, the economic welfare of a country depends on a strong foreign trade
surplus and would contribute to greater spending and to an increase in domestic output, employment
and prosperity. Mercantilists argued that to achieve these objectives, governments should encourage
exports and restrict imports by imposing tariffs, quotas and other commercial policies.
Use the information in the table below to answer questions 5 and 6.
Labour requirement per South Africa Mauritius
hour
Shoes 10 1 60 1
Headphones 20 2 30 0.5
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