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22354 Ahmad (Your name)
Soalan: Apakah globalisasi (Question)
Jawapan: Globalisai adalah proses antarabangsa. (23456 Azman) (Answer)
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ReplyDelete(233603 Nur Ainun Syukriah Bt Ramli)
ReplyDeleteQUESTION : Apakah maksud globalisasi
ANSWER : Globalization is the process of greater interdependence among countries and their citizens. It consists of the increased interaction of product and resources markets across nations via trade, immigration and foreign investment that is via international flows of goods and services of people and investments in equipment, factories, stocks, and bonds. It also includes non-economic elements such as culture and the environment. Simply, put globalization is politicial, technological and cultural as well as economic.
(239247 Anwar Bin Zainol)
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ReplyDelete233017 Sim Hui Fong
ReplyDeleteQuestion: Explain 3 common fallacies of International trade.
Answer:
There are three common fallacies of international trade. Firstly, zero-sum activity. One parties will gain and one parties will lose. Other than that, it can be both partner gain from trade or neither gain. For example, country that produce with the lowest cost can gain more because they specialize in producing the output.
Secondly, import reduce employment. For example, country one faces losses of their sales, output and job but country two need the part from country one. Then country two will buy the part. It meant they will import the part from country one. Therefore, this will increase the employment for country one and reduce for country two.
Next is tariff or protection. Restriction, for example, when we restrict foreigners from selling to us, we are also restrict the ability to obtain dollar needed to buy from us. Therefore, this will reduce import and export.
Lastly free trade. It will increase the competitions and lower prices. Other than that, can make better product available to consume because of import and export.
Answered by: 243286 Sri Aliyah Syuhaidah binti Ayub
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Delete232358 Wee Mei Ying
ReplyDeleteQuestion: Give three (3) reasons why is globalization important? Explain.
Answer:
First and foremost, globalization is important because according to the law of comparative advantage, the citizens of each nation can gain by spending more of their time and resources doing those things in which they have a relative advantage. When goods and services can be obtained more economically through trade, it is better to trade for it rather than producing it domestically.
Next, globalization promotes competition in international trade. When there is competition, producers will automatically try to improve and better the quality of their goods and services.
Last but not least, there will be more firm turnover. If less productive firm exits the market then it improves the productivity of the industry. Hence, the higher turnover of firms is an important source of the dynamic benefits of globalization.
Answered by: 238002 Yasmin binti Abu Bakar
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DeleteSIM PEI YEE (240460)
ReplyDeleteQuestion: Identify the common fallacies of international trade.
Answer:
Despite the gains derived from international trade, fallacies abound one fallacy is that trade is a zero-sum activity. In theory, if one trading partner gains, the other must lose. In fact, just the opposite occurs that is both partners gains from trade. By definition, if countries specialize in what they are comparatively best of producing, they must import goods and services that other countries produce best.
Another fallacy is that imports reduce employment and act as a drag on the economy, while exports promote growth and employment. This fallacy stems from a failure to consider the link between imports and exports. Also people often feel that tariffs, quotas and other import restrictions will save jobs and promotes a higher level of employment. Like the previous fallacy, the fallacy also stems from the failure to recognize that a reduction in imports does not occur in isolation.
The implications are identical for trade among nations. Free trade among all states promotes prosperity, so does free trade among nations. Of course free trade sudden removal of trade barriers might harm producers and workers in protect industries. It can be costly to quickly transfer the protected resources to more productive activities. Gradual removal od the barriers would minimize the shock affect and the accompanying cost of relocation.
Answered by: NURUL NAZIRA BINTI HAMDAN (231766)
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DeleteQuestion: How to measure the international trade in a nation's economy?
ReplyDeleteAnswer:
In order to measure the international trade in a nation's economy, we can look at the nation's exports and imports as a percentage of its gross domestic product (GDP). This ratio is known as openness.
Openness = ( Exports + Imports ) / GDP
Answered by RIDATUL AFIDA BINTI KHALIL (233984)
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ReplyDelete233984 RIDATUL AFIDA BINTI KHALIL
ReplyDeleteQuestion: Why globalization is important?
Answer:
Because of trade, individuals, firms, regions, and nations can specialize in the production of things they do well and use the earnings from these activities to purchase from others those items for which they are high-cost producers. Therefore partners can produce a larger joint output and achieve a higher standard of living than would otherwise be possible. According to the law of comparative advantage, the citizens of each nation can gain by spending more of their time and resources doing those things in which they have a relative advantage. The central issues is how the available resources can be used to obtain each good at the lowest possible cost.
International trade also result in gains from the competitive process. Competition is essential to both innovation and efficient production. International competition helps keep domestic producers on their toes and provides them with a strong incentive to improve the quality of their products. The higher turnover of firms is an important source of the dynamic benefits of globalization. Economists have generally found that economic growth rate have a close relation to openness to trade, education and communications infrastructure. For example, countries that open their economies to international trade tend to benefit from new technologies and other sources of economic growth. Globalization can make the domestic economy vulnerable to disturbances initiated overseas.
Answered by: NG SIN YEAN (234146)
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ReplyDeleteQuestion:
Identify the fallacies of international trade? Explain the fallacies zero-sum activity?
Trade is zero-sum activity.
One side or one trading party gains and the other must lose. But in the fact, the opposite occurs which is both partners gain from international trade. For example, Malaysia and China. Malaysia able to produces electric and electronic products. So Malaysia will exports electronic and electric products to China while China will supply machinery to Malaysia.
Answer:
Answered by: Nor Asyikin Abd Rahman (238013)
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Delete231766 NURUL NAZIRA BINTI HAMDAN
ReplyDeleteQUESTION: Explain the advantages and disadvantages of globalization.
ANSWER:
There are some advantages of globalization. One if the advantages is globalization can help countries prosper. Open borders that cause by globalization permit new ideas and technology to flow freely around the world, fueling productivity growth and increasing living standards. With this globalization, the life of citizens will be improved and the countries to become prosper. The next advantage is increased trade helps restrain consumer prices. Therefore, inflation will become less likely to disrupt economic growth. It will also help to increased variety of goods and services available to consumers.
However, there are some disadvantages of globalization. Firstly, critics maintain that U.S policies primarily benefit large corporations rather than average citizens of U.S or any other country. Environmentalists also argue that elitist trade organizations such as WTO, make undemocratic decisions that undermine national sovereignty on environment regulation. Also, as unions mentioned, globalization that create unfettered trade permits unfair competition from countries that lack labor standards. Moreover, human rights activists contend that the World Bank and International Monetary Fund support governments that allow sweatshops and pursue policies that bail out governmental officials at the expense of local economies. Put simply, a gnawing sense of unfairness and frustration has emerged about trade policies that ignores the concerns of the environment, workers and international labor standards.
ANSWERED BY: SIM HUI FONG (233017)
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ReplyDeleteQuestion: What is the common fallacies of international trade?
Answer:
One fallacy is that trade is a zero-sum activity. If one trading party gains, the other must lose. In fact, just the opposite occurs, both partners gain from trade. For example, the case of trade between Brazil and United Sates. Brazil produce coffee and United State produce wheat. The large Brazil produce is coffee than wheat, while United State large to produce wheat. By definition, if countries specialize in what they are comparatively best at producing they must import goods and services that other countries produce best. The notion that imports are "bad" but export are "good".
Second that imports reduce employments and act as a drag on the economy, while exports promote growth and employment.
Another point is people often feel that tariff, quotas, and other import restriction will save jobs and promote a higher level of employments.
Answered by: 233503 Nasihah Binti Mohd Diah
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ReplyDeleteQuestion: Identify the major fallacies of international trade.
Answer:
The major fallacies are:
1. Trade is a zero sum activity
-It mean, if one trading party gains, the other must lose
2. Import reduce employment and burden the economy,while exports promote growth and employment. This fallacy stem from a failure to consider the link between imports and exports.
3. Tariff and quotas will save jobs and promote a higher level of employment.
- This fallacy fail to recognize a reduction in imports does not occur in isolation. When we restrict from foreigners selling to us, we also restricted their ability to obtain dollars needed to buy from us. Thus, trade restrictions that reduce the volume of imports also reduce exports. As a result, jobs save by restrictions tend to be offset by job lost due to a reduction in exports.
Answered by: Muhammad Mursyid bin Razali (238952)
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Delete238002 YASMIN BINTI ABU BAKAR
ReplyDeleteQUESTION: Explain the advantages and disadvantages of globalization.
ANSWER:
The advantages globalization is productivity increase faster when countries produce goods and services in which they have a comparative advantage. Living standards can been increased more rapidly. An open economy promotes technological development and innovation with fresh idea from abroad. Global competition and cheap imports keep a constraint on prices, so inflation is less likely to disrupt economic growth. Jobs in export industries tend to pay about 15 percent more than jobs in import-competing industries.
The disadvantages globalization is citizen have lost jobs because of imports or the shifts in production abroad. The citizen fear getting laid off, especially at those firms operating in import-competing industries. Workers face demands of wage concessions from their employers, which often threaten to export jobs abroad if wage concessions are not accepted. Increased competition from abroad because more of the abroad company will break into the domestic market and cause the competition increase dramatically if government fail to protect the domestic company.
ANSWERED by: KONG HOU JACK (245289)
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Delete243286 Sri Aliyah Syuhaidah bt Ayub
ReplyDeleteQuestion: explain four common fallacies of international trade
Answer:
the first fallacy is that trade is a zero-sum activity, if one trading party gains, the other must lose. infact, just the opposite occurs , both partner gain from trade.
the second fallacy is that imports reduce employment and act as a drag on the economy, while export promote growth and employment. this fallacy stems from a failure to consider the link between import and export.
thirdly, people often feel that tariff, quotas and other restriction will save jobs and promote a higher level of employment. this is the failure to recognize that a reduction in import does not occur in isolation.
the last fallacy is free trade.
Answered by: 234597 Hong Fan Gui
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ReplyDeleteQuestion: What are the forces that are driving globalization?
Answer:
Globalisasi adalah merupakan proses yang membolehkan sesuatu aktiviti contohnya aktiviti ekonomi disebarkan atau diperluas ke peringkat antarabangsa atau ke seluruh dunia. Terdapat pelbagai daya penggerak yang memacu kepada berlakunya globalisasi antaranya ialah kerana berlakunya perubahan teknologi, kewujudan rundingan perdagangan antara pelbagai negara, meluasnya proses liberalisasi dalam urus niaga perlaburan dan berlakunya proses pembangunan pasaran kewangan antarabangsa.
Globalisasi berkembang disebabkan berlakunya perubahan teknologi. Perkembangan pesat dalam dunia teknologi membolehkan transaksi perniagaan dilakukan dengan lebih mudah dan cepat. Selain itu, globalisasi juga berkembang disebabkan oleh rundingan perdagangan yang dilakukan antara pelbagai negara. Hal ini menyebabkan kos untuk melakukan perdagangan antarabangsa menjadi lebih rendah. Globalisasi semakin meluas disebabkan oleh meluasnya proses globalisasi dalam urusniaga pelaburan dan berlakunya proses pembangunan pasaran kewangan antarabangsa. Hal ini telah memudahkan firma transnasional mendapatkan pembiayaan bagi meluaskan aktiviti perniagaan mereka sekaligus mencapai ekonomi bidangan.
Answered by: 234398 AG MOHD HAZMAN B HASSAN
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ReplyDeleteQuestion: Give the advantages and disadvantages of globalization.
Answer:Advantages
1) Productive increase faster when countries produce goods and services jn which they have a comparative advantages. Living standards can increase more rapidly.
2) Global competition and cheap imports keep a constraint on prices, so inflation is likely to distrupt economic growth.
3) An open economy promotes technological development and innovation, with fresh ideas from abroad.
4) Jobs in expert industries tend to pay about 15% more than jobs in import competing industries.
5) Unfettered capital movements provide the United States access to foreign investment and maintain low interest rates.
Disadvantages
1) Millio of Americans have lost jobs because of imports or shifts in production abroad.
2) Millions of Americans fear getting laid off, especially at those firms operating in import competing industries.
3) Workers face demand for wage occasions from their employers, which often threaten to export jobs abroad if wage concession are not accepted.
4) Besides blue-collar jobs, service and white-collar jobs are increasingly vulnerable to operations being sent overseas.
5) The employees can lose their competitiveness when companies built state-of-the-art factories in low-wage countries, making them as productive as those in United States.
Answered by: (236458) Hasnur Shima bt. Hasni Fuad
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Delete(240062) Gan Shue Ying
ReplyDeleteQuestion: What is trade openness? Explain about it.
Answer:
Trade openness is a measure of economic policies that either restrict or invite trade between countries. For example, if a country sets a policy of high trade tariffs, thus restricting the desirability of international trade, this restrictive policy will inhibit other countries from sending exports and accepting imports from that country.
According to dominating economic theory, this restricting, this lack of trade openness, will have an economic effect of slowing economic development. Conversely, according to economic theory, trade openness will have an economic effect of increasing economic development and growth.
Formula of trade openeess= (Export + Import)/GDP
Answered by: (231907)Siti Rohana bt. Mohd Azlan
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ReplyDeletequestion:- describe the common fallacies of international trade.
answer:
one fallacy is that trade is a zero-sum activity. If one trading party gains, the other must lose which means both partners gain from trade.
another policy is import reduce employment and act as a drag on the economy while export promote growth and employment. this fallacy from failure to consider the link between import and export.
next fallacy is free trade. It will increase competition and lowers prices. It can makes better products avaiable to consumers.
answered by:- 241548 muhammad syafiq bin herman
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ReplyDelete234398 AG MOHD HAZMAN B HASSAN
ReplyDeleteQuestion: Bincangkan TIGA (3) sebab mengapa proses globalisasi merupakan suatu proses yang penting.
Answer:
Firstly, according to the law of comparative advantage, the citizen of each nation can gain by spending more of their time and resources doing those things where they have a relative advantage. If a good or service can be obtained more economically through trade, it makes sense to trade for it instead of producing it domestically. The central issue is how the available resources ca be used to obtain each good at the lowest cost.
Besides, globalization also refers to open economies. They are able to produce a larger joint output. International trade also results in gains from competitive process. Competition is essential to both innovation and efficient production. International competition helps keep domestic producer on their toes and provides them a strong incentive to improve the quality of their products. Also, it usually weakens monopolies.
Thirdly, globalization may also provide stability for producers. Foreign competition has forced the firm to become nimble and productive. To remain in business, the firm had to continue during down its overall costs through new technologies and management methods. In effect, foreign competition resulted in the firm’s absorbing inflation. However, globalization can make the domestic economy vulnerable to disturbances initiates overseas.
Answered by: 237828 Tang Pui Kei
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DeleteSiti Rohana Bt Mohd Azlan(231907)
ReplyDeleteQuestion: Identify the common fallacies of international trade.
Ansswer:
1) Trade is a zero-sum activity, which means that if one trading party gains, the other must lose. In fact, it should be win-win situation and bot partner will gain from the trade.
2) Import reduce employment and ct as a dragon the economy, while export promote growth and employment. This fallacy stems from a failure to consider the link between import and export.
3) People fell that tariff, quotas and others import restriction will save job and promote a higher level of employment. This fallacy stems from the failure to recognize that a reduction in import does not occur in isolation.
Sim Pei Yee (240460)
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Delete(245006 NORSHILA BINTI JAMIL)
ReplyDeleteQUESTION : What are the common fallacies in international trading ?
ANSWER :
a) Trade is a zero sum activity
-The perception of if one trading party gains , the other must lose which is which is actually wrong as both partners actually gain from the trade. If countries specialize in the things that they are comparatively best at producing, they are able to produce large production with a lower cost. For example, Brazil are specialize in coffee whereas United States in wheat. Thus, larger production enable Brazil to gain by using their revenues from their coffee sales to purchase American wheat, while American gain by doing vice versa . Therefore, perception that imports are 'bad' but exports are 'good' is incorrect.
b) Imports reduce employment and as a drag on the economy , while exports promote growth and employment.
-The above belief is incorrect due to failure in considering the link between exports and imports. For example, although the increase of Americans import on German machinery results in loses of sales, output and jobs in US machinery industry, this increase the purchasing power of German to buy American computer software which eventually increase the sales and employment in US computer software.Thus, the rising imports of machinery in US tend to be off set by the stimulus to the economy caused by rising exports of computer software.
c)Tariffs,quota and other impact restriction will save jobs and promote a higher level of employment.
-The above perception is wrong as when foreigners are restricted from selling to US, this restrict their ability to obtain dollars to purchase goods from US. This eventually, reduce the volume of imports and exports. The jobs saved from the import restriction tend to be offset by the lost in jobs due to reduction in exports.
(234283 LOOI YOKE LIN)
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DeleteMUHAMMAD MURSYID BIN RAZALI 238952
ReplyDeleteQUESTION: WHAT IS MEAN OPENESS? AND EXPLAIN HOW TO CALCULATE IT.
As a rough measure of importance of international trade in a nation's economy, refer to the nation exports and imports as a percentage of its gross domestic product. GDP. The ratio is kown as openess. The formula of openess is the sum of exports and imports divided by GDP for a nation.. For instance, Malaysia exported 13% of the GDP, while imports were 16% of GDP. Thus, openess of the Malaysia economy to trade equaled 29%.
Answered by : IZZATI NADHIRA BT MOHD SAKRI 245544
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DeleteNASIHAH BINTI MOHD DIAH (233503)
ReplyDeleteQuestion : Apakah peranan perdagangan antrabangsa?
MUHMMAD AMIR BIN MOHD AZMI (239186)
Answer : Peranan perdagangan antarabangsa ialah meluaskan pasaran keluaran yang mengalami lebihan dalam negara dipasarkan diperingkat antarabangsa. Liputan pasaran bagi keluaran tersebut menjadi luas dan sasaran baru akan wujud. Keadaan ini akan meningkatkan keuntungan syarikat. Selain itu, peranan perdagangan antarabangsa ialah meningkatkan tukaran asing. Setiap barangan dan perkhidmatan yang dieksport akan membawa masuk pertukaran asing. Kemasukan ini akan menambahkan pendapatan negara dan mewujudkan kestabilan ekonomi. Seterusnya, perdangan antrabangsa berperanan mewujudkan penindahan teknologi. Penggunaan teknologi yang canggih hasil saling bergantungan membantu mengurangkan kos dan meningkatkan produktiviti.
Selain itu, erdangan antarabangsa dapat memperbaiki imbangan dagangan dan imbangan pembakaran. Perniagaan antarabangsa dapat mewujudkan lebihan imbangan dagangan dan imbangan bayaran melalui peningkatan jumlah eksport. Keadaan ini mewujudkan kestabilan ekonomi. Akhir sekali, perdagangan antarabangsa dapat mengatasi masalah kekurangan bahan mentah. perdagangan antarabangsa menyelesaikan masalah kekurangan bahan mentah dipasaran tempatan. Sumber bahan mentah yang banyak dan murah, mahir dan kualiti boleh diperoleh di negara asing. Keadaan ini membantu mengurangkan kos.
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ReplyDeleteSoalan: What is the common fallacies of international trade?
Jawapan:Fallacies of international trade also known as zero-sum activity or zero-sum game.The trade can bring benefits to both partners that involved in international trade. According to this trade "imports bad, export goods", it's mean that if you buy nothing from other countries, they have no income to buy from you. Imports reduce employment and act as a drag on the economy, while exports promote growth and employment. Having tariffs, quotas and other import restrictions will save jobs and promote a higher level of employment.
In addition, fallacies of international trade create free trade. The free trade will increase competition, decrease prices. Also makes better products available to consumer and higher consumption.
232307 Mimie Fazlina Bt Mohd Epondi
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DeleteHASNUR SHIMA BT HASNI FUAD (236458)
ReplyDeleteQUESTION: What forces are driving globalization?
ANSWER: The first is technological change. Second liberalization of trade and investment. Third widespread liberalization of investment transaction and the development of international financial market. Lower trade barriers and financial liberalization have allowed more.
Mohamad Shahrul Bin Roslan (233618)
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ReplyDeleteQuestion: What is the common fallacies of international trade?
Answer
1."Trade is zero-sum". Trade will bring benefit to both partners country.
2. "Import bad, Export good". If you buy nothing from other countries, they have no income to buy from you.
3. "Tariff and quotas save job". Cutting import makes it harder to export, so other jod are lost.
by Nurul Hazwan B. Nurul Hisham (233472)
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ReplyDeleteSITI NUR DALILA BINTI AZMAN (232413)
ReplyDeleteQUESTION : Why is globalization important ?
Globalization is important because trade, individuals, firms, and nations can specialize in the production of things they do well and use the earnings from these activities to produce from others items. Therefore, trading partners can produce a larger join output and achieve a higher standard of living.
According to law of comparative advantage, citizens of each nation can gain by spending more time and resources to create a production in which they have relative advantage. If a good or service can be obtained more economically through trade and each good at the possible lowest cost.
Besides, globalization helps in gaining the innovation skill and more efficient production. International competition helps keep domestic producers to improve their products with the higher quality.
Furthermore, globalization can help in economic growth. when we have globalization, that is benefit to new technologies and other sources or economic growth such as higher education and Hi-tech communication infrastructure.
TANG YAN KEE (234284)
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ReplyDeleteNUR ILI FARZANA BINTI NOR AFANDI (246305)
ReplyDeleteQUESTION : List and explain the important of globalization.
ANSWER :
1) Enable organization to make proper use of available resources.
- The Central issue is how the available resources can be used to obtain each good at the lowest possible cost.
2) Peoples have multiple choices.
- Globalization can produce more good and the consumers can increase their utility.
3) Help to earn foreign exchange.
- Trading partners can produce a large joint output and achieve a higher standard of living than would otherwise be possible.
4) Help to provide employment
- Globalization can provide more job and will give a higher wages.
5) Enable competition.
- If the firms have competition, cost will be low and the output will be efficient.
ANSWER BY MOHD NAZRIN BIN MOHAMAD YUNAN (234253)
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DeleteNor Asyikin Binti Abd Rahman (238013)
ReplyDeleteQuestion:
Explain the common fallacies of international trade?
Answer:
The first common fallacy is trade is a zero-sum activity.But actually both partners gain from trade. Another fallacy is that imports reduce employment and act as a drag on the economy, while exports promote growth and employment. This fallacy stems from a failure to consider the link between imports and exports. Next, people often feel that tariffs, quotas and other import restrictions will save the jobs and promote a higher level og employment. This statements is failure to recognize-that a reduction in imports does not occur in isolation.
answered by Cheng Kuok Zhang (245271)
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DeleteMUHAMMAD AMIR BIN MOHD AZMI 239186
ReplyDeleteQ: Give the definition of globalization. Explain your answer.
A: Globalization is the process of greater interdependence among countries and their citizens. It consists of the increased interaction of product and resource markets across nations via trade, immigration and foreign investment- that is via international flows of goods and services of people and of investments in equipment, factories, stocks, and bonds. It also includes noneconomic elements such as culture and the environment. Simply put, globalization is political, technological, and cultrul, as well as economics.
Answer from: Siti nur Dalila Bt Azman(232413)
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DeleteANWAR BIN ZAINOL(239247)
ReplyDeleteQUESTION: What forces are driving globalization?
ANSWER:
The first and most profound influences is technological change. Since the industrial revolution of the late 1700s, technical innovations have led to an explosion in productivity and slashed transportation cost, most recently, rapid development in computer information and communications technology have farther shrunk the influence of time and geography on the capacity of individuals and enterprises to interact and transact business around the world.
ANSWER BY NORSHILA JAMIL(245006)
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DeleteNAJIB NORDIN BIN SHARUDDIN (234314)
ReplyDeleteQuestion:
Bicangkan 3 jenis gelombang globalisasi yang berlaku dari tahun 1870 hingga kini.
Answer:
The first wave of globalization occurred from 1570 until 1914. Exports as a share of world income nearly doubled to 8%, while per capital income which has risen by 0.5 percent per year in previous 50 year, rise by annual average of 1 – 3 percent. The countries actively participated in globalization become the richest countries in world. During scent depression 1930s, government implement protectionism so export as share of national income have full to 5%. The second wave of globalization (1945-1980) the horrors of the retreat into nationalism cause falling transportation cost and government cooperate to decrease previously trade barriers, trade liberalization discrimination which developed countries in manufactured goods had been largely feed of barriers, while developing countries eliminated barriers only for those agricultural product in developing countries. Most developing countries dependence on agricultural and rural resource products, so happened world inequality. The latest wave of globalization began in 1980. A large number of developing countries broke into the world market for manufacturers. Other developing countries became increasingly marginalized in the world economy, income decrease, poverty increase, international capital movement become significantly. World has become more globalized in term of international trade and capital flows. Foreign outsourcing which certain product manufacture are performed in more than one country, manufacturing increasing more to wherever costs were the lowest. Foreign outsourcing if white-collar work by information age and sending upscale jobs offshore.
ANSWER BY GN MEI SIN (240708)
Little bit difficult question but still the answer is great.
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DeleteNOOR IDAYU BT ADNAN(236344)
ReplyDeleteQ: Identify the major fallacies of international trade?
A: 1)Trade is zero-sum activity
- If one trading party gains, the other must lose
2)Import reduces employment and act as a drag on the economy,
while exports promote growth and employment.
- This fallacy stems from a failure to consider the links
between imports and exports.
3)Tariffs, quotas and other import restrictions will save jobs
and promote a higher level of employment.
- Failure to recognize that a reduction in imports does not
occur in isolation
NAJIB NORDIN BIN SHARUDDIN(234314)
good
DeleteCHEONG KUOK ZHONG (245271)
ReplyDeleteQUESTION: Explain 2 common fallacies of international trade.
ANSWER:
One of the fallacy is trade is a zero-sum activity if one trading party gains the other must lose. In fact both trading partner gain for trade. This statement that import are 'bad' and export are 'good' is incorrect. For example, consider the case of trade between United States and Canada. These countries are able to produce output such as American can produce autos and Canadian are able to supply wheat in a larger production. The larger production makes it possible for American to gain by using the revenues from their autos sales to purchase Canadian wheat. At the same time, Canadian do same thing as the American do.
The second fallacy is people often feel that tariff, quotas and other import restriction will save jobs and promote higher level of employment. When we restrict the foreigners from selling to us, we are also restricting their ability to obtain the dollars needed to buy from us. Thus, trade restrictions that reduce the volume of import will reduce export. As a result, jobs save by the restrictions tend to be offset by jobs lost due to a reduction in exports.
ANSWER BY NURLIYANA BINTI RAHMAT (233541)
Good
DeleteIZZATI NADHIRA BT MOHD SAKRI (245544)
ReplyDeleteQUESTION: What is the common fallacies in international trading?
ANSWER:
1) Trade is a zero-sum activity
- Both partners gain from trade
2) Imports reduce employment and act as a drag on the economy, while exports promote growth and employment.
- Failure to consider the link between imports and exports
3) Tariff, quotas and other imports restrictions will save jobs and promote a higher level of employment.
- Failure to recognize that a reduction in imports does not occur in isolation.
4) Free trade
- Increases competition, lower prices, higher consumption, makes better product available to consumer
ANSWERED BY: NOOR IDAYU BT ADNAN (236344)
Good answer and simple explanation
DeleteName : SITI NURFATIAH BINTI ROSSTAM
ReplyDeleteMatric No. : 245022
QUESTION : Describe the reasons why International Trade become high degree? State two reasons.
ANSWER:
The term trade refer to exhange of goods and services. When trade takes place across the country, it is called as international trade. There are so many reasons that makes international trade become high degree or more important to the economy.
First, international trade enables the fuller utilization of resources. Underdeveloped countries are not in a position to use their mineral resources. So they export their raw materials to developed countries where the same are needed the most. It shows that international trade helps among countries to develop their economy by exporting and importing their goods.
Next, international trade becomes high degree when its encourage country to compete with each other in the production of different kinds of goods at low cost of production. Competitiveness stimulates productivity. Its widens the extent of market. With international trade consumers gets an opportunity to consume a large variety of goods produced by different countries and lead to a better life.
Answered by : RAJA NURAIN NAILAH BINTI RAJA AHMAD RITHUAN (232460)
Excellent
DeleteMuhammad Syafiq Bin Herman 241548
ReplyDeleteQ: Why is globalization important ?
A: Globalization is important because there is improvement in competitive process. International competition helps the domestic procedures to expand their trade and provides them with strong incentive to improve the quality of their products. According to law of comparative advantage, citizens in each country can sum by spending more at their time and resources which they have a relative advantage. Country’s economic growth will increase is the one of the globalization’s benefit.
Economic growth rate is relate to openness to trade which is mean that if countries are open their economies to international trade tend to benefit from new technologies and other.
Answer from: Nur Ili Farzana Binti Nor Afandi (246305)
Very good !
DeleteExcellent
DeleteA good answer !!!! Thumbs up 👍
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ReplyDeleteExcellent !!!
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