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college again encon questions
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Posted 4/14/2019 22:16 (#7439971 - in reply to #7439684)
Subject: RE: Here's some econ questions for him.

Here's some econ questions for him,
1) Ostensibly to reduce the trade deficit the leader of one country institutes tariffs on the products from another country. In retaliation, the second country enacts tariffs against the products of the first country.
As the result, the trade deficit:
A) increases significantly
B) decreases significantly
C) stays the same

2) The political leadership of country number 1, in an attempt to force country number 2 to withdraw their military from a third country, embargoes the sale of agricultural products to country number 2.
As a result, country number 2:
A)withdraws its military from the third country and resumes purchases of agricultural products from country number 1
B)finds alternative sources of agricultural products
C) expands the production of agricultural products and eventually becomes a major competitor of country number 1

3) Country number 1, due to high labor costs, is unable to compete with country number 2, institutes high tariffs on goods from country no. 2. What happens:
A) Consumers in country no. 1 pay higher prices but continue to purchase goods from country no. 2
B) Consumers in country no. 1 stop buying goods from country no. 2
C) Consumers in country no. 1 pay higher prices on manufactured goods but due to the higher costs, reduce purchases of other domestically produced goods like food, etc. resulting in a decline of the domestic economy.
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