ECON 303 International Economics ASSESSMENT ASSIGNMENT

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ECON 303 International Economics ASSESSMENT ASSIGNMENT

George Dean Johnson Jr. College of Business and Economics

University of South Carolina Upstate

Spring 2022

ECON 303 International Economics

ASSESSMENT ASSIGNMENT

Due: May 2^nd, Monday by 11:59 P.M.

Assignment Rules:

• Late submissions, up to three days, will be accepted with a penalty. For each day after the due date, 25% of the points will be deducted from your total grade.
• All essays must be typewritten in 11-point Times New Roman fonts and double-spaced with one-inch margins all around the text. Graphs or mathematical derivations can be handwritten.
• You must type and upload your answers as a word or .pdf file via Blackboard; submissions via e-mail will not be accepted.
• In order to get full credit, you must address all questions and provide clear explanations.

• Grading will be based on format, grammar, spelling, clarity, logic, flow, relevance and accuracy of content.

PART I. (Approximate length: 1-2 paragraphs ) In international economics, we frequently make use of the concepts of autarky, free trade, trade under tariffs and trade under non-tariff barriers to describe the environment in which an industry operates. Define each of these concepts in detail, by providing examples and describing the differences between them.

PART II. (Approximate length: 1 paragraph for each scenario) Explain the results of the following economic scenarios for producers, consumers, governments, and the entire economy (considering the changes they create in producer surplus, consumer surplus, government revenue and total welfare, respectively).

a.   A transition from autarky to free trade.

b.   A transition from free trade to trade under import tariffs.

c.   A transition from free trade to trade under quotas.

PART III. (Approximate length: 1 paragraph for each item) In response to each of the three scenarios listed in part II, what economic actions would you take as

1. a firm operating in the affected industry?
2. a consumer of the good affected?

ECON 303 International Economics ASSESSMENT ASSIGNMENT

ASSESSMENT ASSIGNMENT