, ECS4865 Assignment 2 Full Solutions 2024 - DUE 3
September 2024 ;100 % TRUSTED workings, Expert
Solved, Explanations and Solutions
Section A: Short question [30 marks] Answer each question in
50 words. 1. High tariffs and quotas can result in trade wars
between nations. Evaluate the validity of this statement. (6
marks)
High tariffs and quotas can result in trade wars between
nations. Evaluate the validity of this statement.
High tariffs and quotas restrict imports, leading to retaliation
from affected countries. This tit-for-tat escalation can escalate
into a trade war, where nations impose increasing barriers,
disrupting global trade. Historical examples, such as the U.S.-
China trade tensions, illustrate how protectionist measures can
provoke significant economic conflict.
Top 3 Authoritative Sources Used in Answering this Question:
World Trade Organization (WTO)
The WTO provides comprehensive data and analysis on
international trade policies, including the effects of tariffs and
quotas on global commerce and the potential for trade
disputes.
International Monetary Fund (IMF)
The IMF offers insights into the economic implications of
protectionist policies and their impact on global economic
stability, highlighting case studies of trade wars.
September 2024 ;100 % TRUSTED workings, Expert
Solved, Explanations and Solutions
Section A: Short question [30 marks] Answer each question in
50 words. 1. High tariffs and quotas can result in trade wars
between nations. Evaluate the validity of this statement. (6
marks)
High tariffs and quotas can result in trade wars between
nations. Evaluate the validity of this statement.
High tariffs and quotas restrict imports, leading to retaliation
from affected countries. This tit-for-tat escalation can escalate
into a trade war, where nations impose increasing barriers,
disrupting global trade. Historical examples, such as the U.S.-
China trade tensions, illustrate how protectionist measures can
provoke significant economic conflict.
Top 3 Authoritative Sources Used in Answering this Question:
World Trade Organization (WTO)
The WTO provides comprehensive data and analysis on
international trade policies, including the effects of tariffs and
quotas on global commerce and the potential for trade
disputes.
International Monetary Fund (IMF)
The IMF offers insights into the economic implications of
protectionist policies and their impact on global economic
stability, highlighting case studies of trade wars.
