International Economics Assignment | Get Paper Help

I want a detailed information about the given questions. Please send me as soon as possible as the deadline line is very close. Thank you.

Question 1

Answer all parts

Assume that Sweden is a small country in terms of the world market for steel.

1. How would a Swedish import tariff on steel affect Sweden’s welfare? Explain your answer using a supply/demand diagram, clearly marking the effect of the tariff on Sweden’s steel imports, consumer and producer surplus, and government revenue.

1. Use your diagram in part (a) above to identify and explain the deadweight loss of the tariff.

1. Assume that there is an increase in Sweden’s demand for steel. Would the domestic price of steel increase by the same amount if steel imports were restricted through either tariffs or quotas? Illustrate your answer using two separate open-economy supply/demand diagrams.

(maximum 700 words)

Question 2

Most of the major brand manufacturers in Japan and America, that once championed high tech products like Apple and other top electronic gadgets, are now compelled to outsource their production in China, India and other emerging economies in order to profitably remain in business. Critically examine the economic justifications for this and discuss the theoretical concepts that underpin this change of course.

( maximum 700 words)

Question 3

Critically discuss the benefits and limitations of membership of a customs union for an emerging economy of your choice. What proactive steps would you recommend should be introduced by the aspirant country in order to maximise these benefits and minimise the dangers before joining the customs union?

( maximum 700 words)