application marks Flashcards
example of a trading bloc
NAFTA - trilateral trade between America, Canada and Mexico
What was the largest cargo ship in the world called and how many containers could they hold
CSCL Globle
19,0000
what % of imports move by sea
95%
how does containerisation lead to technical economies of scale
the volume of the container increases at a quicker rate than its surface area meaning that cost of transport falls as the size of the container increases
Why may containerisation not lead to an increase in international trade
the surplus in trade of services was £88.9 billion
Depends more on the transferring from eg communications technology or satellite phone links
Example work of the WTO
Bali Ministerial Declaration reduced bureaucratic barries
2 countries that have joined the WTO and when
China - 2001
Russia - 2012
Example why WTO may not have been successful
Has made low levels of progress since the launch of the Doha round in 2001
Why migt lowering traffis not lead to a higher increase in demand
could be price inelastic eg german cars leading to only a small increase in demand
evidence of derived demand
apple watch launched in 2015 lead to an increase of 90,000 supplier and manufacture jobs
evidence of regulatory capture
Morgan Stanley and JP morgan paying no corporation tax in 2014
example of a countrys comparative advantage
Ireland - butter,cheese
One example where country has benefited less from comparative advantage
Saudi Arabia - oil
During covid - prices went down
Were relying very much on oil
Example of a country with absolute advantage
US - make fridges and shoes taking fewer workers than in mexico
Example of emerging economies
Brazil, Russia, India,China,South Africa
