Question

7

(a) Distinguish/Define the following Barriers to International Trade                                              Tariff-Barrier: _____       Non-Tariff Barrier (NTB): ______                                                           (b) True/False? _____ The objectives of both Tariff- barrier & Non-tariff barrier are the same as they both help to positively manage international trade and global growth.                                         (c) What are the 2 countries that have recently engaged in trade wars using Tariffs? ________________      and ______________

8

Match the following definitions with the 3 Philosophical Principles of Ethics   Write A,B or C) :                                                (A) Imperative Principle;    (B) Generalization Argument;     (C) Utilitarian Principle:        _______Do what is right but filter action by considering consequences.                                           _______Do What is Right        ________Do what produces the Greatest Result.

9 Match 2 of the following with either:   (A)   INTEGRITY   or   (B) ETHICS (C) VALUES                                                                          _____Individual values pertaining to human behavior regarding What is Right or Wrong.        _____A person’s commitment and principles about honesty and sound moral character..

Answer 1

1 answer ) a) Tariff barriers: These are imposed by government and include taxes on goods entering a country that is taxes on imports.To make imported goods less competitive the price of goods is raised.Examples are licenses,import quotas,specific tariffs etc.

Non tariff barriers: They make trade more difficult involving rules and fregulations .They can include import bans,state subsidies,procurement ,trading etc.

b) true

By reducing tariffs both industry and welfare gains can be achieved.Behind the border policy issues business is more concerned on import restrictions and NTB.NTBS benefit from liberalisation to achieve economical benifit.Lower trade cost result in welfare gain.Both barriers manage trade and economic growth.

c) US and china have recently engaged in trade wars using tariffs

2 answer) B-Generalization argument-do what is right but filter the action by consideration of consequences.This is combination of both imperative and utilitarian principle

C- utilitarian- do what is right .

it is a theory which produce greatest happiness with right moral action

A- Imperative principle-Do what produces the greatest result

It is a universal law where you can act according to maximum result.

3 answer )A) integrity- A persons commitment and principles about honesty and sound moral character.

It is inner sense of qualities such as honesty and consistency of character

B) Ethics   - individuals values pertaining to human behaviour regarding what is right or wrong.

Ethics describes what is good and what is bad in human behaviour.It tells what is right or wrong in human behaviour