Answer / joe

Trade liberalization is a removal of or reduction in the
trade practices that thwart free flow of goods and services
from one nation to another. It includes dismantling of
tariff (such as duties, surcharges, and export subsidies)
as well as non-tariff barriers (such as licensing
regulations, quotas, and arbitrary standards).
The positives of trade liberalization are:
Trade liberalization spurs growth in overseas markets for
American-made products and generates opportunities for
American workers by creating new and higher paying jobs.
Trade liberalization creates jobs, fosters economic growth
in the United States, and improves consumer choice and the
standard of living of American families.
There is considerable evidence that more outward-
oriented countries tend consistently to grow faster than
ones that are inward-looking.
Indeed, one finding is that the benefits of trade
liberalization can exceed the costs by more than a factor
of 10
Countries that have opened their economies in recent years,
including India, Vietnam, and Uganda, have experienced
faster growth and more poverty reduction.
On average, those developing countries that lowered tariffs
sharply in the 1980s grew more quickly in the 1990s than
those that did not
Freeing trade frequently benefits the poor especially.
Developing countries can ill-afford the large implicit
subsidies, often channeled to narrow privileged interests,
that trade protection provides. Moreover, the increased
growth that results from freer trade itself tends to
increase the incomes of the poor in roughly the same
proportion as those of the population as a whole.
New jobs are created for unskilled workers, raising them
into the middle class. Overall, inequality among countries
has been on the decline since 1990, reflecting more rapid
economic growth in developing countries, in part the result
of trade liberalization.
Conclusion: Although there are benefits from improved
access to other countries' markets, countries benefit most
from liberalizing their own markets. The main benefits for
industrial countries would come from the liberalization of
their agricultural markets. Developing countries would gain
about equally from liberalization of manufacturing and
agriculture. The group of low-income countries, however,
would gain most from agricultural liberalization in
industrial countries because of the greater relative
importance of agriculture in their economies.

Answer / itumeleng dics diyerenge

high competition leads to quality products as a result of
trade liberalizatio.
developing countries benefit from open borders as there is
full exchange of technology with high tech countries.
faster economic expansion

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Introduction Mangalore Refinery and Petrochemicals Limited (MRPL) and Reliance Petroleum Limited (RPL) Table 1 : MRPL’s Income Statement and Balance Sheet (Rs. in mn) Particulars April 1999 – March 2000 April 2000 – March 2001 April 2001 – march 2002 Net Sales 30212.04 28891.50 53714.40 Other Income 701.37 524.50 439.90 Total Income 30913.41 29415.70 54154.30 Expenditure (30112.79) (27917.50) (51587.00) Interest (2369.59) (2378.30) (6722.90) Depreciation (1427.63) (1728.60) (3633.50) Tax (0.24) (0.30) 2864.30 Total Expenditure (33910.25) (32024.70) (61943.40) Profit after Tax (2996.84) (2609.00) (4924.80) Equity 7921.00 7921.00 7921.00 Reserves 1714.50 (1506.96) (4489.56) Debt 54082.97 50516.52 55356.94 . Table II : RPL’s Income statement and Balance Sheet Particulars April 2001 – March 2002 April 2000 – March 2001 Net Sales 331170.00 309630.00 Other Income 3550.00 2200.00 Total Income 334720.00 311830.00 Expenditure (299430.00) (279090.00) Interest (9550.00) (10320.00) Depreciation (8020.00) (6610.00) Tax (980.00) (1170.00) Total Expenditure (317980.00) (297190.30) Profit after Tax 16740.00 14640.00 Equity 52020.00 47488.10 Reserves - 34974.20 Debt - 74921.30 Table III : Quarterly Closing Prices (04/30/1996 to 09/30/2002) Date BSE-30 RPL MRPL 04/30/96 3376.64 14.75 32.50 06/28/96 3731.96 12.90 28.25 09/30/96 3519.42 10.25 19.35 12/24/96 2883.88 10.40 20.60 03/31/96 3360.89 12.70 17.65 06/30/97 4256.09 17.40 18.10 09/30/97 3902.03 19.00 21.60 12/31/97 3658.98 23.55 19.85 03/31/98 3892.75 20.50 19.25 06/30/98 3250.69 20.00 16.15 09/30/98 2812.49 17.60 13.90 12/31/98 3055.41 18.80 12.90 03/31/98 3739.96 18.70 10.30 06/30/99 4140.73 27.05 19.00 09/30/99 4764.92 46.90 21.00 12/30/99 5005.82 65.70 16.70 03/31/00 5001.28 60.04 12.35 06/30/00 4748.77 53.95 9.90 09/29/00 4090.38 56.75 8.80 12/29/00 3972.12 56.60 8.80 03/30/01 3604.39 48.55 7.70 06/29/01 3456.78 47.00 6.85 09/28/01 2811.66 29.75 6.30 12/31/01 3263.33 29.30 6.80 03/28/02 3469.35 25.85 6.80 06/28/02 3244.70 24.05 10.00 09/30/02 2930.51 23.10 7.65 Questions 1. Calculate the average return and risk on shares of RPL and MRPL during the period 1996-2002. divide the total risk on each of the stocks between systematic and unsystematic components. Calculate each of the components as a percentage of the total risk.

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