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15 marksEconomic Integration

CAPE Economics Unit 2 · 2008 · Paper 2 · Question 6(e)

Discuss the THREE lower levels of economic integration preceeding the level to be attained by the CARICOM Single Market and Economy.

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Other parts of this question

  1. 6(a)Define the following terms: Balance of trade, Trade deficit, Trade surplus.[6 marks]
  2. 6(b)(i)Explain what is meant by Absolute advantage.[3 marks]
  3. 6(b)(ii)Explain what is meant by Comparative advantage.[3 marks]
  4. 6(b)(iii)Explain what is meant by The exchange rate.[3 marks]
  5. 6(c)Discuss TWO types of exchange rates and give examples in EACH case of Caribbean countries that use them.[10 marks]
  6. 6(d)Discuss TWO policy options that a country can use in order to correct a trade deficit.[10 marks]

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