Business in the Globalised Economy

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< Back Assignment details Business in the Globalised Economy (2210)
QUESTION A.5
A country imposing a tariff can benefit in terms of social welfare if
A. The terms-of-trade benefit exceeds the sum of production and consumption distortion loss.
B. The tariff revenue exceeds the sum of production and consumption distortion loss.
C. The consumer surplus loss is less than the producer surplus gain.
D. The terms-of-trade benefit exceeds the consumer surplus loss.
(1 mark)
Explain your answer in up to 200 words and using a diagram
(4 marks)
SECTION B
Short answer questions. Answer each in up to 200 words.
Background
Imagine that you work for the World Bank and you have been called to Ghana to aid the new president to come up with a new international trade strategy.
You are told that the new government is interested in moving away from agriculture and into manufacturing. To do so, the llovernment wants to (pursuit a (polic of ‘mood substitution
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