International Economy (H.W 3)

Name:
Instructor:
Course:
Date of submission:
INTERNATIONAL ECONOMY (H.W3)
Chapter 6
Question 1
Intellectual property abbreviated as IP, refers to the mind creations such as artistic and literary works, inventions, and names, symbols, designs and images that are used in commerce. Intellectual property is classified in two groups, the first group is known as Industrial property, which entails trademarks, inventions (patents), source geographic indication, industrial designs among others. The second group is called Copyright and it includes artistic works like; films, plays and poems, novels, musical works, work of arts like drawing, architectural designs.
Intellectual property plays a big role to the state and national economies. Numerous industries around across the economy depend on enough enforcement of trademarks, patents, and copyrights. The accessibility of Intellectual property will provide the world with standard practices as well as hinder the potential business challenges. The consumers also use intellectual property to make sure that the products they purchase are safe and guaranteed (Richard, 8).
Question 2
Economic sanctions are penalties that are applied domestically, by one or many countries. The purpose of economic sanctions is to ensure that there is harmony existence in the economic movement. The sanctions become successful policy when aiming on reducing the trade imports or exports or both. The policy is also helpful when reducing trade by turning down investment, credit to the aimed country, foreign exchange or elevating its cost of credit. Moreover, most businesspersons claim that the sanction policy goes well past the sectors that are targeted.
Chapter 7
Question 3
Fair trade coffee is very unfair when considering ordinary consumers. This is because there is a standard that has been set for specific people who are capable of buying the coffee. Though it is a fair trade to farmers, the consumers remain with less option of buying it because they may not be able to afford it. The coffee is only popular and affordable to a limited number of individuals who can afford it.
Question 4
Export promotion is considered a better economic growth in the United States than import substitutions. This is because there are benefits that are accompanied by exports, while imports will incur some costs. United States has been exporting petroleum and gasoline, and has witnessed great benefits from it. Exporting more goods is a sign that particular countries may become independent concerning that particular product, since it would mean that it is plenty.
Question 5
The difference between World Bank objectives and those of the IMF is that the World bank is an institution of development while IMF is a supportive institution that deals with maint...