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.
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.
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.