How have pattens of trade hindered economic progress on the least developed LEDCs?

Question 1

What does WTO mean?

Answer 1

World Trade Organisation (Fair Trade)

Question 2

What are Tariffs?

Answer 2

Are taxes imposed on imports

Question 3

What are Quotas?

Answer 3

Are limits to the amount of goods imported

Question 4

What are Subsidies?

Answer 4

Grants of money given by government to maintain the piece of a product

Question 5

What are imports?

Answer 5

Are goods purchased from abroad and brought into a country

Question 6

What are Exports?

Answer 6

Are goods purchased by other countries and sent to them

Question 7

What do MEDCs imports and exports?

Answer 7

• Import cheaper products (Primary Goods)

- Export valuable good (Manufactured)

Question 8

What do LEDCs imports and exports?

Answer 8

• Import valuable good (Manufactured)

- Export cheaper products (Primary Goods)

Question 9

Give a Case Study to show imports and exports

Answer 9

Kenya (LEDC)

Question 10

What does Kenya import and export

Answer 10

• Import goods at $11 millions and export at $5 million
• Export - Crops (56%)
• Import - Fuel (90%)

Question 11

What does Trade deceit mean?

Answer 11

When a country import more than export

Question 12

What does Trade Surplus mean?

Answer 12

When a country export more than import