1.     What is arbitration?

Arbitration is a procedure for the resolution of disputes on a private basis through the appointment of an arbitration, an independent, neutral third person who hears and considers the merits of the dispute and renders a final and binding decision.

2.     What is dispute resolution?

A conflict resettlement / settling disagreements.

3.     What is home-team advantage?

Benefit from being local home ground.

4.     What is local bias?

-         Unfair treatment

5.     What are delaying tactics?

Ways of making things take a long time.

6.     What are the advantages of  arbitration over court adjudication?

-         Expertise of arbitrators

-         Lower cost

-         Fast

-         Convenient

-         Flexible

-         Confidential.

7.     Which are the main arbitration centers?

Paris, London, Geneva, Stockholm, New York, Hong Kong and Singapore.

8.     What may decide the choice of venue for arbitration?

-         The availability of good experienced arbitrators

-         The availability of good experienced arbitration lawyers, and expert witnesses.

-         The cost of these people

-         The support of otherwise that the local legal system gives to arbitration

-         Accessibility-basic thins like flight access, good facilities, administrative back-up, good facilities, administrative back-up, good telecommunications, IT support and even climate.

9.     What do clients look for from an arbitration service?

Speed, cost effectiveness, confidentiality and reliability of the arbitrators and hence their decisions.

10.                         How is a forum made up for a neutral arbitration ?

Three arbitrators, one chosen by each party and the third, the chairman is selected by both parties.

11. what is balance of payment

The different between a country’s total earnings from export s and its total expenditure on imports

12. what is balance of trade

The difference between what a country receives and pays for its exporter and imports of goods

13. what are the tariff?

Taxes charged on imports

14. what is quota?

quantitative limits on the import of particular products or commodities

15. what is an autarky?

The (impossible) situation in which a country is completely self- sufficient and has no foreign trade

16. what can give a country an absolute or comparative advantage in goods and services  over other producers?

Factors of production, most importantly raw materials, but also labor and capital, climate, economies of  scale, and so on

17. why does the theory of comparative advantage seem adequate to explain international trade

Because it doesn’t explain why the majority of the exports of advanced industrialized country go to other very similar countries

18. what is an infant industry?

a recently developed one that has not yet grown to the point where it benefits from economies of scale, and can be internationally completive

19. what is the advantage of tariff for the government?

tariffs produce revenue

20, what is the advantage of quotas over tariff?

unlike tariffs, you know the maximum quantity of goods that will be imported

21.  what is absolute advantage?

The principle which refers to the ability of a party ( an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources

22. what is comparative advantage?

The principle which refers to the ability to produce a particular good at a lower opportunity cost

23. what are the reasons for imposing tariff?

to reduce imports and protect domestic firms from foreign competition

To reduce imports in order to reduce balance of payment deficits

To raise government revenue

To protect fledging domestic industry

To protect aging and inefficient domestic industries

To protect domestic producers from dumping

24. what is the reason for imposing quota?

the set limit of imported items