After passing this exam, students will be able to: 1. Recognize the importance of global trade flows and their impact on the economy of countries. 2. Identify, understand and apply the standard trade models. 3. Examine the relationship between the instruments and the major players of international trade policy. 4. Explain role of various factors in creating international trade policy. 5. Understand the European trade policy. 6. Develop critical view to economic theory and real world problems related to international trade.