University of Phoenix Economics372: International Trade Concepts Simulation

Feb 3rd, 2012
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This assignment consisted of using a simulation pertaining to international trade advantages and limitations of international trade for the country of Rodamia. The simulations serve to familiarize the student with the tools of international trade the government uses for the good of the economy.

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International Trade Concepts SimulationLaura GabbardUniversity of PhoenixECO 372 Principles of MacroeconomicsDaniel M. Rowe, MBAApril 7, 2008International Trade Concepts SimulationThis assignment consisted of using a simulation pertaining to international trade advantages and limitations of international trade for the country of Rodamia. The simulations serve to familiarize the student with the tools of international trade the government uses for the good of the economy. The first part of the simulation involves the evaluation of products to produce within Rodamia and products to import based on the Production Possibility Frontier (PPF). Due to comparative advantage, Rodamia should export cheese and DVD players, and import corn and watches. The corn and cheese trade partner is Uthania, while the DVD player and watches trading partner is Suntize. This decision is based on the Trade Commission Report and the PPF, both showing the opportunity costs for each country's production.The second and third parts of the simulation concentrate on decisions regarding tariffs and quotas. Since the dumping margin may be an ongoing variance, Rodamia should impose an anti-dumping ta

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