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3rd 2 > International > Flashcards

International Flashcards

1
Q

It is the interaction between different countries and international institutions. It also addresses many international topical issues such as rapid growth of trade and financial crisis that spread across countries.

A

International Economics

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2
Q

4 Windows on the Modern World Economy

A

International Trade
International Production
International Finance
International Development

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3
Q

It refers to the exchange of goods and services among the countries of the world

A

International Trade

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4
Q

It deals with production of goods and services in international location and markets.

A

International Production

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5
Q

It is the study of monetary interactions that transpire between two or more countries.

A

International Finance

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6
Q

Also known as Global Development, is a study in economics on how does countries and economies interact to attain growth and development.

A

International Development

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7
Q

It is the increased interconnectedness and interdependence of peoples and countries.

A

Globalization

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8
Q

It is the longest and historically most important land trade route in the world.

A

Silk Road

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9
Q

The goods trade in this time were spices such as coves, nutmeg, and mace which originated in the Maluku Islands of Indonesia.

A

Spice Routes

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10
Q

Different types of globalization

A

Economic Globalization
Cultural Globalization
Political Globalization
Social Globalization
Technological Globalization
Transportation Globalization
Environmental Globalization

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11
Q

Effects of Globalization

A
  1. Globalization has led to increased competition
  2. Globalization causes exchange of technology
  3. Globalization helps in knowledge and information transfer across the globe.
  4. Globalization causes more education opportunities for people in developing countries.
  5. Globalization has led to vast multinational and multicultural management.
  6. Globalization increased emission.
  7. Globalization lower the cost of production.
  8. Globalization changed food supply.
  9. Globalization has led to division of labor.
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12
Q

Refers to the ways corporation do business as multinational organization nowadays.

A

Economic Globalization

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13
Q

It refers to the interpenetration of cultures which, as a consequence, means nation adopt principles, beliefs, customs of other nations.

A

Cultural Globalization

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14
Q

The development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level.

A

Political Globalization

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15
Q

The information moves almost in real-time together with the connection and interdependence events and consequences.

A

Social Globalization

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16
Q

The phenomenon which millions of people are interconnected.

A

Technological Globalization

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17
Q

International systems of transportation such as shipping and air travel.

A

Transportation Globalization

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18
Q

Simply the consequence of all the after-effects of other types of globalization.

A

Environmental Globalization

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19
Q

During this period, starting from the late 15th century, European adventurers forged connections between the Eastern and Western worlds, inadvertently stumbling upon the Americas.

A

Age of Discovery/Scientific Revolution

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20
Q

This period marked a significant shift in global dynamics as advancements in
manufacturing, transportation, and communication technologies facilitated the widespread exchange of goods, ideas, and people across international borders.

A

Globalization 1.0
1st Industrial Revolution

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21
Q

This period saw the widespread adoption of new technologies like electricity and the internal combustion engine, fostering industrialization and urbanization worldwide.

A

Globalization 2.0
2nd Industrial Revolution

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22
Q

This period saw the widespread adoption of digital technologies, such as the internet and telecommunications, leading to increased global connectivity and integration.

A

Globalization 3.0
3rd Industrial Revolution

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23
Q

A period of significant technological advancement and global integration. The convergence of digital, physical, and biological technologies revolutionized industries and reshaped economies and societies worldwide

A

Globalization 4.0
4th Industrial Revolution

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24
Q

Effects of Globalization

A
  1. Globalization has led to increase in competition.
  2. Globalization causes exchange of technology.
  3. Globalization helps in knowledge and information transfer across the globe.
  4. Globalization causes more education opportunities for people in developing countries.
  5. Globalization has led to vast Multinational and Multicultural Management.
  6. Globalization increased emission.
  7. Globalization lower the costs for production.
  8. Globalization changed food supply.
  9. Globalization has led to division of labor.
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25
Q

Four Phases of the Trade Theories

A
  1. Pre-Classical Version
  2. Classical Version
  3. Modern Version
  4. New Version
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26
Q

It is an economic doctrine which believes that the power and glory of a nation depend on its wealth was best served by increasing exports, in an effort to collect precious metals like gold and silver

A

Mercantalism

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27
Q

It exists between nations when they differ in their ability to produce goods. More specifically, it exists when one country is good at producing one item, while another country is good at producing another item.

A

Absolute Advantage

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28
Q

According to its law, even if one nation is less efficient than the other nation in the production of both commodities, there is still a basis for mutually beneficial trade.
It is an economy ‘s ability to produce a particular good or service at a lower opportunity cost than its trading partners.

A

Comparative Advantage

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29
Q

It is a Marxism theory that states that the relative price or economic value of a good or service is determined by the amount of labor required to produce it.

A

Labour Theory of Value

30
Q

It states that a country which is capital-abundant will export the capital-intensive good. Likewise, the country which is labor-abundant will export the labor-intensive good.

A

Heckscher-Ohlin Theorem

31
Q

It explains comparative advantage in terms of the factor abundance of nations and the factor intensity of commodities.

A

H-O model

32
Q

The concept that countries with a great deal of capital available import capital intensive commodities and export labor intensive commodities.

A

Leontief Paradox

33
Q

Paradox meaning

A

Para = Contrary to
Doxa = Opinion

34
Q

This approach seeks to explain the pattern of trade in terms of domestic
availability and non-availability of goods. In short, international trade takes place because of differences in the availability of certain products among countries.

A

Irving Kravis’ Theory of Availability

35
Q

In his theory, he gave importance to demand side factors like similarity in income levels across nations and income distribution characteristics in determining pattern of trade. Who is he?

A

Staffan B. Linder

36
Q

As per this theory, international trade takes place between those countries which have similar income levels and demand patterns. Thus, this theory explains the reasons for large volume of trade in manufacturers among developed countries

A

Linder’s Theory of Volume of Trade and Demand Pattern

37
Q

He has put forth the product cycle hypothesis.

A

Raymond Vernon

38
Q

It states that the development of a new product moves through a cycle or a series of stages in the course of its development, and its comparative advantage changes as it moves through the cycle.

A

Vernon’s Product Cycle Theory

39
Q

Any hurdle, impediment or roadblock that hampers the smooth flow of goods and services, and
payments from one destination to another. They are man-made obstacles to the free movement of goods between different countries

A

Trade Barriers

40
Q

Types of Trade Barriers

A

Tariff Barriers and Non-tariff Barriers

41
Q

Kinds of Tariff Barriers
On the basis of origin and destination of the goods crossing national boundaries:

A

Import Tariff
Transit Tariff
Export Tariff

42
Q

Kinds of Tariffs
On the basis of quantification of tariffs:

A

Specific Tariff
Ad Valorem Tariff
Compound Tariff

43
Q

Kinds of Tariffs
On the basis of the purpose it serves:

A

Revenue Tariff
Protective Tariff

44
Q

Kinds of Tariffs
On the basis of trade relations:

A

Single Column Tariff

45
Q

Kinds of Non-tariff Barriers

A

Quota System
Voluntary Export Restraints (VER)
Embargo
Import License

46
Q

Economically, this tariff barrier are charged to generate revenue for the government and to
protect local goods against the dominance of foreign products. (Example. Rice Tariffication
Law, Safeguard Measures Act)

A

Import Tariff

47
Q

Tax imposed on a commodity when it crosses the national frontier between the originating country and the country to which it is cosigned to.

A

Transit Tariff

48
Q

A tax levied by the country of origin, on a commodity designated for use in other countries.

A

Export Tariff

49
Q

Is a tax levied as a fixed charge for each unit of a good that is imported.

A

Specific Tariff

50
Q

This type of tariff is levied as a fixed percentage of the value of the commodity imported.

A

Ad Valorem Tariff

51
Q

Meaning of Ad Valorem

A

“according to value” or “in proportion to the value”

52
Q

is a combination of an ad valorem and a specific tariff. It includes both a cost per unit, as well as a set percentage on the value of the good.

A

Compound Tariff

53
Q

It aims at collecting substantial revenue for the government. The tax is imposed on items of mass consumption, but the rate is low.

A

Revenue Tariff

54
Q

It aims at giving protection to home industries by restricting or eliminating competition. These are usually high so as to reduce imports.

A

Protective Tariff

55
Q

Tariff rates are fixed for various commodities and the same rates are made applicable to imports from all other countries. (Example. Preferential Trade Agreement (PTA))

A

Single Column Tariff

56
Q

It is a government-imposed trade restriction that limits the number of goods that a country can import or export during a particular period.

A

Quota

57
Q

The system of import quotas may be classified into three major groups which are?

A

Tariff Quota, Bilateral Quota, and Mixed Quota

58
Q

These are arrangements between exporting and importing countries whereby an exporting country limits the number of goods of a particular nature that it can export to a specific country or region.

A

Voluntary Export Restraints (VER)

59
Q

These are total bans of trade on specific commodities and may be imposed on imports or exports of specific goods that are supplied to or from specific countries.

A

Embargo/Embargoes

60
Q

It can be defined as administrative procedures requiring the submission of an application or other documentation (other than those required for customs purposes) to the relevant administrative body as a prior condition for importation of goods.

A

Import License

61
Q

Effect of Barriers

A
  1. Employment
  2. Domestic Firms
  3. Consumers
  4. Balance of Payments
  5. Economic Growth
62
Q

This organization is the only global international organization dealing with the rules of trade between nations. The goal is to ensure that trade flows as smoothly, predictably and freely as possible.

A

World Trade Organization (WTO)

63
Q

Benefits of the WTO Trading System:

A
  1. Disputes are handled constructively;
  2. A system based on rules rather than power makes life easier for all;
  3. Freer trade cuts the costs of living;
  4. It provides more choice of products and qualities;
  5. Trade stimulates economic growth; and
  6. The system encourages good government.
64
Q

Role of the World Trade Organization

A
  1. Trade Negotiations
  2. Implementation and Monitoring
  3. Dispute Settlement
  4. Supporting Development and Building Trade Capacity
  5. Outreach
65
Q

This phase is the first-time customers are introduced to the new product. A company must generally include a substantial investment in advertising and a marketing campaign focused on making consumers aware of the product and its benefits, especially if it is broadly unknown what the item will do. There is often little-to-no competition for a product, as competitors may just be getting a first look at the new offering.

A

Introduction Stage

66
Q

This is characterized by growing demand, an increase in production, and expansion in its availability. The amount of time spent in the introduction phase before a company’s product experiences strong growth will vary from between industries and products. During the this phase, the product becomes more popular and recognizable.

A

Growth Stage

67
Q

This stage of the product life cycle is the most profitable stage, the time when the costs of producing and marketing decline.

A

Maturity Stage

68
Q

Some analysts refer to the maturity stage as when sales volume is ____________.

A

Maxed Out

69
Q

Product sales begin to drop due to market saturation and alternative products, and the company may choose to not pursue additional marketing efforts as customers may already have determined whether they are loyal to the company’s products or not.

A

Decline Stage

70
Q

Stages of Product Life Cycle

A

Introduction Stage
Growth Stage
Maturity Stage
Decline Stage

71
Q

Two ways to define factor abundance.

A
  1. In terms of physical units
  2. In terms of relative factor prices

3rd 2 (10 decks)

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