Match each scenario with the economic concept it describes.

Students were inquired to answer a question at school and to mention what is most important for them to succeed. One that response stood out from the rest was practice. Successful people are definitely not born successful; they become successful with hard work and dedication. This is how you can fulfill your goals. followed below are one of the answer and question example that you could possibly benefit from to practice and boost your knowledge and also give you insights that might just assist you to maintain your study in school.

Question:

Match each scenario with the economic concept it describes.A.)dumping
B.)tariff
C.)quota
___________________________________________
1.)To protect its plastic industry from
foreign competition, country A
raises taxes on plastic imports.
2.)Country A decides that it will allow
only 500,000 tons of rice to be
imported per year so demand
for local produce doesn’t fall too much.
3.)Because of subsidization and improving
technologies, country A is able to grow
large quantities of corn. It exports corn
to country B at prices below normal value.

Answer:

B matches with 1, C matches with 2 and A matches with 3. A tariff is a tax or duty that gets paid when people are importing or exporting, so raising taxes on plastic imports to protect your country’s industry is a tariff. Only allowing a certain amount of a substance to be imported introduces a quota. Dumping is where prices are kept lower than in the home market by foreign importers which removes local competition.

They may possibly hopefully help the student solve the question by using the questions and answer examples. Then can potentially carry out some sharing in a group discussion and also learning with the classmate that is related to the topic, so another student also own some enlightenment and still keeps up the school learning.

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