a)What do you mean by effective rate of protection? what are the implications when the effective rate of protection is

1. equal to the nominal rate of protection
2. greater than the nominal rate of protection
3. negative

b) What do you mean by gold standard? why is gold standard considered to be a fixed exchange rate regime? why was gold standard abondoned?

c) Describe the salient features of the bretton woods system. Explain the reasons behind the demise of the bretton woods system.

d) Provide a critical evaluation of the monetary approach to the balance of payments. What are SDRs? Discuss their important features.

e) What justification is often used by economists to give preference to tariff over quotas? Critically evaluate the terms of trade argument for protectionism.

f) Explain the market failure argument for justifying trade protection. What is the relation between the infant industry and the market failure arguments for protection?