Candidates must be able to demonstrate apt knowledge of the following topics in International Trade & Globalisation.

Topic Candidates should be able to:
International specialisation • specialisation at a national level
• advantages and disadvantages of specialisation at a national level
Globalisation, free trade and protection • definition of globalisation
• role of multinational companies (MNCs)
• the benefits of free trade
• methods of protection
• reasons for protection
• consequences of protection
Foreign exchange rates • definition of foreign exchange rate
• determination of foreign exchange rate in foreign exchange market
• causes of foreign exchange rate fluctuations
• consequences of foreign exchange rate fluctuations
• floating and fixed foreign exchange rates
Current account of balance of payments • structure
• causes of current account deficit and surplus
• consequences of current account deficit and surplus
• policies to achieve balance of payments stability

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