a) Explain the logic underlying the infant industry argument for restricting imports. Do you think developing countries should use protectionist measures to attract inflows of foreign direct investment?

b) What is dumping and why do countries impose anti dumping duties?

c) Define the term free trade. Discuss the relationship between globalization and free trade.

d) Explain the concept of terms of trade. What are its various forms? why was the analysis of terms of trade by Prebisch criticised?