Answer all the given problems. Section A to be answered in around 500 words each and Section B to be answered in around 300 words.

Part A:

problem 1: Shortly summaries the alternative descriptions to the theory of International Trade? Critically observe the Strategic Theory of International Trade.

problem 2: Give rationale for Import Substitution Industrialization (ISI) strategy. Discuss the significant policy issues included in implementing the ISI strategy.

Part B:

problem 3: Discuss different instruments of trade protection? Distinguish between quotas and tariffs.

problem 4: Describe how under the WTO, differential treatment in reverse is distinct from the Special and Differential (S&D) treatment.

problem 5: Why is the Bretton Woods System considered as a variant of gold standard regime?

Describe the salient features or characteristics of Bretton Woods System.

problem 6: Demonstrate on the growing significance of services in international trade. Examine the outcomes of inclusion of services in multilateral trade negotiations.

problem 7: prepare short notes on the given below:

a) Monetary theory of balance of payments.
b) Special Drawing Rights.