International Economics (ECON 340) Final Exam QuestionsPlease answer and explain the following (5) questions in paragraph form. No short answers please. 1.) When a country engages in international trade what is expected to happen to the price of imported goods compared to autarky? What is expected to happen to the price of exported goods compared to autarky? Use the supply and demand model to explain your answers. You must include fully labeled diagrams for full credit. How can you use different trade theories to explain why a state might engage in international trade? Pick a few theories and apply them in depth. 2.) Give two reasons why a country might impose a tariff on imported goods. Discuss the possible economic and political tradeoffs that nations make when imposing tariffs – who benefits and who loses? What are some political and economic reasons for the widespread use of tariffs despite their overall implications for national welfare? How does the WTO try to overcome these reasons? Why doesn’t the WTO always succeed? 3.) Describe in detail the three accounts in the International Balance of Payments. What is the Balance of Payments equilibrium condition? How can a country reduce its current account deficit? Is a current account deficit always a problem? Why might a country encounter a debt crisis? What factors might contribute to a debt crisis? How does a state try to overcome such a crisis – and how does this impact its politics and economics – explain. 4.) Suppose that the current exchange rate between dollars and Chinese yuan remnimbi is 6.543 CNY/ $. a.) What is the exchange rate expressed in $ /CNY b.) Draw a market diagram illustrating how the exchange rate will change if US consumers decide to boycott Chinese products. c.) Under the boycott in Part b do you expect the dollar to appreciate or depreciate against the yuan remnimbi? d.) In the past how might China have manipulated its currency against the dollar? Why would they do that?Explain how it is difficult for countries like the US to respond to currency manipulation. 5.) View attached table for Question 5: a.) Draw the supply and demand schedules for avocados in the US. b.) Give the autarky price and quantity of avocados in the US. c.) Assume that Mexico can supply avocados to the US for $3/bushel and the Dominican Republic can supply avocados to the US for $2/bushel. Under free trade from whom will the US purchase avocados? What will be the quantity of avocados produced in the US the total quantity purchased and the volume of imports? d.) Calculate the increase in consumer surplus under free trade compared to autarky. e.) Now suppose that the US levies a $2 per bushel tariff on avocados. Now who does the US buy avocados from? What is the quantity produced consumed and imported? f.) How much revenue will be collected from the tariff? g.) Calculate the deadweight loss that results from the tariff. h.) Lastly think about how a regional trade agreement might impact the trade of avocadoes in the Americas. The US already has free trade agreements with Mexico and the Dominican Republican separately – but what if they wanted to have deeper integration like the EU. What type of regional agreement would you suggest? What are the tradeoffs of each kind? How would you overcome the political issue of JOBS – are RTAs really about job creation? Text Book: Carbaugh Robert J. International Economics 17th edition: Cengage 2019.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency

Order your paper today and save 30% with the discount code HAPPY

X
error: Content is protected !!
Open chat
1
You can contact our live agent via WhatsApp! Via + 1 323 412 5597

Feel free to ask questions, clarifications, or discounts available when placing an order.