need help with 2 multiple choice questions (1 Viewer)

[Satiric]

hey guys.
I need help with these three multiple choice questions.
Im a bit confused =/

1. What have been two positive outcomes for the economy of reduced protection for Australian industry?
(A) More imports and lower priced imports
(B) More manufactured exports and lower import prices
(C) Less imports and higher employment in Australian industry
(D) An improvement in the terms of trade and a higher exchange rate.
Im thinking its C?

2. How can structural change assist the reduction in Australia's current account deficit?
(A) By improving the allocation of resources in the economy
(B) By making the production of exports more labour intensive
(C) By raising tariffs and reducing imports
(D) By increasing structural unemployment

thanks in advance.

 

[monesh]

hey guys.
I need help with these three multiple choice questions.
Im a bit confused =/

1. What have been two positive outcomes for the economy of reduced protection for Australian industry?
(A) More imports and lower priced imports
(B) More manufactured exports and lower import prices
(C) Less imports and higher employment in Australian industry
(D) An improvement in the terms of trade and a higher exchange rate.
Im thinking its C?

2. How can structural change assist the reduction in Australia's current account deficit?
(A) By improving the allocation of resources in the economy
(B) By making the production of exports more labour intensive
(C) By raising tariffs and reducing imports
(D) By increasing structural unemployment

thanks in advance.

is the first one worded correctly?? im going for either C or D...

2. C? sorry i can't be more help.

 

[LordPc]

1. What have been two positive outcomes for the economy of reduced protection for Australian industry?
(A) More imports and lower priced imports (seems reasonable)
(B) More manufactured exports and lower import prices (reducing protection doesnt increase exports, so no)
(C) Less imports and higher employment in Australian industry (imports increase, so no)
(D) An improvement in the terms of trade and a higher exchange rate.
Im thinking its C? (we will import more so ToT and exchange rate will both drop, so complete no no)

my guess is A, but im a little rusty and cant help but feel that ive missed something

2. How can structural change assist the reduction in Australia's current account deficit?
(A) By improving the allocation of resources in the economy
(B) By making the production of exports more labour intensive
(C) By raising tariffs and reducing imports
(D) By increasing structural unemployment

just seems like A is the answer since its the only economically positive thing

 

[gnrlies]

hey guys.
I need help with these three multiple choice questions.
Im a bit confused =/

1. What have been two positive outcomes for the economy of reduced protection for Australian industry?
(A) More imports and lower priced imports
(B) More manufactured exports and lower import prices
(C) Less imports and higher employment in Australian industry
(D) An improvement in the terms of trade and a higher exchange rate.
Im thinking its C?

2. How can structural change assist the reduction in Australia's current account deficit?
(A) By improving the allocation of resources in the economy
(B) By making the production of exports more labour intensive
(C) By raising tariffs and reducing imports
(D) By increasing structural unemployment

thanks in advance.

The first question is poorly written because it is simply a set of assumptions or conjectures about the Australian economy that simply cannot be proven. There is not a single option which I would deem to be correct. A) is probably the least flawed in the sense that more imports and lower import prices are a good thing for consumers, but it is inconclusive whether this has had positive or negative effects on the economy. It is not a good question, dont spend too much time thinking about it.

Question 2 is A) because structural change generally allows more efficient industries to be allocated more resources at the expense of inneficient ones.