ECONOMICS TUITION International Trade
TOPICS 1 • Explain some possible causes of a balance of trade deficit and consider if USA should be concerned over its trade deficit with China. • Discuss whether protectionism is the most effective policy to deal with a balance of payment deficit. • Discuss the view that globalization holds more demerits than merits for a developed economy. • Explain the different forms of protectionism in practice today. • Discuss whether countries should resort to trade protectionism when faced with an economic crisis. • Explain why trade occurs between developed and developing countries.
TOPICS 2 • To what extent do free trade agreements determine the pattern of trade between Singapore and the rest of the world? • Evaluate the arguments for protectionism in light of the current global economic downturn. • Explain the reasons why a country would wish to restrict imports. • Explain the economic justification for Singapore in the signing of FTAs with other countries. • Discuss the impacts of removing barriers of trade on an economy. • Discuss the effects of a sustained rise in the prices of crude oil in the balance of payments (BOP) of Singapore.
TOPICS 3 • Explain the possible causes of USA’s current account deficit. • Discuss whether a depreciation of the currency is the best way to address a worsening balance of payment position of a country. • Explain the rationale for a free trade and discuss the extent to which FTAs are beneficial. • Explain how specialization and trade may benefit even a large economy with abundant resources like India or China. • Discuss how Singapore benefits from signing free trade agreements. • Explain how a developed country like USA can be affected by globalization.
TOPICS 4 • Discuss the policies that the Singapore government has adopted to alleviate the adverse effects of globalization. • Assess the impact of FTA on Singapore. • How does the theory of comparative advantage explain modern international trade. • How relevant is the theory of comparative advantage in explaining Singapore’s trade patterns. • Discuss whether protectionism offers any advantages over specialization. • Explain why Singapore trades with both developed and developing countries.
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