problem 1:

With the help of illustrations, make a distinction between the theories of absolute and comparative advantages.

problem 2:

According to you, how far can these theories illustrate out the current pattern of trade around the world? What other theories can be employed to illustrate out the trade behaviour of countries in 21st century?

problem 3:

Recognize and illustrate any three (3) types of non-tariff barriers (NTBs).

problem 4:

Discuss and illustrate out the economic arguments for and against the employ of protectionist measures (Hint: you might use diagrams where proper).

problem 5:

Discuss and describe the four (4) core principles of General Agreement on Tariff and Trade (GATT) 1947.