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                                                                  National Open University of Nigeria
                                                            14-16 Ahmadu Bello Way, Victoria Island Lagos 
                                                                      School of Management Science
                                                                      October/November 2014 Examination 

                  COURSE CODE: ENT322
                  COURSE TITTLE: PRINCIPLE AND PRACTICE OF INTERNATIONAL TRADE
                  TIME ALLOWED: 2hrs
                   Instructions: ANSWER QUESTION 1 AND ANY OTHER 2 QUESTIONS
                                               Q1 ISCOMPULSORY AND CARRIES 30MARKS WHILE OTHER 2 CARIIES 20MARKS EACH
                                               PRESENT ALL YOUR POINTS IN COHERENT AND ORDERLY MANNER 

1ai.define international trade 

ii. identify and discuss four reasons for international trade 

b. draw up a comparism between international trade and international business.

c. list and explain five problems of international trade 

2ai. what does the Acronym GATT  stand for ?

ii. Why was GATT created 

b. List six benefits of the world trade organization

3. Examine critically any two of the following theories of international trade.

a. The theory of absolute advantage

b. The rent for surplus theory 

c. The theory of factor proportions

d. competitive advantage of nations 

4a. enumerate three third world programme for the reform of world trade organization   

b. explain the concept of free exchange rate market

c.what did you understand by balance of trade ?

5a. what did you understand by merchandise trade account 

b. briefly advance an argument in favour of protectionism 

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