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International Eco 2023 tutorial questions for week 2

Protection in a small country

Q1) What are the difference in assumptions between Microeconomic and Macroeconomic Analysis?

Q2) Given that trade theory is a branch of Microeconomics what questions is it suited to answering and what questions can’t it answer?

Q3) At an aggregate level, is Australia a small country in terms of international trade?

Q4) Why are tariffs inefficient?

Q5) What are the similarities and differences between an import quota, an import tariff and a production subsidy? Why might nations choose each one of these options?

Q6) In trade theory, why are export taxes and import taxes equivalent?