ECON Coursework – Short Answer Questions

Answer the following questions; each question is independent of the other. The responses must reflect critical-thinking and analysis. No introductions and conclusions are required. Responses for each question should be about 150 words.

References: 1-2 sources per question in APA (7th) format

1. What evidence can you find in recent news articles regarding strategies used by specific countries to strengthen their existing comparative advantages or to develop new comparative advantages in trade?

2. Relating to comparative advantage, how can governmental regulatory policies affect an industry’s international competitiveness? Provide an example of a Canadian industry.

3. What is the infant-industry argument for tariff protection? Briefly discuss the strengths and limitations of this rationale for tariffs. If new industries require support, what methods other than import tariffs might be used?

4. Relating to nontariff trade barriers, which tends to result in a greater welfare loss for the home economy: (a) an import quota levied by the home government or (b) a voluntary export quota imposed by the foreign government? (Use an example where necessary.)

5. Should countries decrease/increase trade barriers during economic downturns? Draw examples from previous recessions and/or downturns caused pandemics.

6. Research a developing nation, how are import substitution and export promotion policies used to aid in the industrialization of this country?

7. Relating to regional trading agreements, exploratory discussions on a possible Canada-ASEAN (Association of Southeast Asian Nations) free trade agreement were started in 2017. What are the economic benefits this agreement would bring to both sides?

8. For multinational enterprises, what are the pros and cons of technology transfer to the host and source nation. Provide an example.

9. In foreign exchange markets, what is destabilizing speculation, and why does it pose problems for individuals, for firms, and for national governments?

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