1. In what sense do exports constitute the “engine of growth”
2. Explain the meaning of terms of trade? How does this concept relate to the Prebish-Singer thesis? Has the terms of trade been declining in LDCs?
3. Import substitution is more desirable for LDCs than export promotion. Do you agree or disagree? Explain
4. Explain the following concepts: (i)New International Economic Order (ii) Generalized System of Preferences (iii)the Principle of Comparative Advantage (iv)the vent-for-surplus gains from trade.
5. What problems does the instability of commodity prices pose for a country and for the world economy?
6. One widely held view holds that developing countries gain from trade with developed countries. Do you agree with this view?

 

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