1
Define the term preferential tariff?
Is a reduced tariff granted by one country on certain goods from another country.
What is a Tariff?
It’s a tax or duty on imported goods
Explain the term ‘Globalization’.
Is the emergence of a single world market.
Quotas is the total ban on a particular good or a ban on goods coming from a certain country.
True or False
Embargoes are restrictions on the amount of a particular good that can be imported.
True
False
False
Bureaucratic red tape a great deal of paperwork requested by the imported country
True or false
False
A benefit of preferential tariff is that it fosters stronger ties between countries.
True
False
True
Embargoes, Quotas and Exchange control
These are some example of?
Barriers of trade
Barries to trade are
a. Measures designed to keep foreign goods out of domestic markets
b. To charge more for the goods
c. Keep the foreign goods in the domestic markets
d. None of the above
a. Measures designed to keep foreign goods out of domestic markets
Which of the following is a driver of globalization?
a.) protectionism
b.)improvements in technology
c.)economic growth
d.)high interest rates
B.) improvements in technology
Which one is an effect of trade liberalization and globalization on firms in the Caribbean?
A. Workers lose jobs
B. Increasing imports may result in a trade deficit
C. There is the westernisation of the world
D. There is the rise of multinational corporations.
D. There is the rise of multinational corporations.
Which organization plays a key role in facilitating global trade negotiations and agreements?
World Trade Organization (WTO)
All of these are effects of trade liberalization and globalization on consumers except?
A. There is an increased standard of living
B. There is the rise of multinational corporations.
C. The developed countries are exporting artificial wants
D. There is an increase in international travel and tourism
B. There is the rise of multinational corporations.
Define trade liberalisation?
is the reduction, or even total removal of barriers to trade.
In today's world, local firms are being faced more and more with competition from foreign firms. This is an effect of:
a.) protectionism
b.)export subsidies
c.) trade liberalization
d.) preferential tariff
c.) trade liberalization
Benefits of preferential tariffs
-The exporting country benefits from the lower tariff
-Foster stronger trading ties between countries
- give developed countries an opportunity to assist poorer countries
Give a reason why preferential tariffs granted?
A developed country might grant a preferential tariff to developing countries in
order to boost the developing countries exports and their economic growth.
Countries in a trading group might also grant a preferential tariff to their partners
to promote trade within the group and develop trading ties.
Also can be put in place for foreign policy reasons. A country might wish to reward another country with a lower tariff on a given good.
Which of the following is driver of globalization?
a. Improvements in technology
b. Preferential tariffs
c. Protectionism
d. Economic growth
a. Improvements in technology
What is a embargoes?
Is the total Ban on a particular good
Give a social and economic benefit of large-scale production?
-There is open competition throughout the world
-Producing a larger output will enable small island economies to reap economies
of scale.
-There will be a reduction in unemployment.
-Caribbean people will feel a sense of worth as world citizens.
What is a potential downside of globalization for some local industries?
a.) Increased market access
b.) Greater competition
c.) Enhanced innovation
d.) Improved productivity
B.) Greater competition
Barries of trade are either
a. Tariff
b. Non- tariff
c. Both tariff and non -tariff
c. Both tariff and non -tariff
A developed country might grant a preferential tariff to developing countries to boost the
developing countries?
a. Exports
b. Their economic growth
c. Imports
d. Quality standards
a. Exports
b. Their economic growth
Which is not an effect of trade liberalization and globalization on consumers in the Caribbean?
a. An increased standard of living
b. Works lose jobs
c. Increase in international travel and tourism
d. Export subsidies
d. Export subsidies
What is brain drain?
When skilled workers migrate to more developed countries in search of better opportunities.