NAFTA Case Study - Tariff Barriers - Mexican Economy - Economic Growth and Development - Economics Assessment Answer

Assessment Task:

NAFTA Case Study Economics Assessment Answer

Questions

QUESTION 1 
NAFTA eliminated all tariff barriers and most non-tariffs barriers between the three countries within ten years, though a few products would be given a 15-year transition period. 

1.1 In the above context, discuss the various types of barriers to international trade and critically evaluate the benefits and costs arising from the creation of NAFTA to the Mexican economy.        
 
1.2 Discuss whether you agree or disagree with the notion that NAFTA strengthens or weakens the world trading system.  Use evidence from the given Case Study to substantiate your answer.         
 
QUESTION 2 
 In abandoning the Latin American inward-looking development model, Mexico seems to wish to copy the state-led development strategy of East Asia rather than the pure free-market model.  
 
2.1 In light of the statement above, evaluate the strategies and policies used by the Mexican government in order to achieve economic growth and development.        
 
2.2 Discuss the advantages and disadvantages of openness to direct foreign and free trade between the developed and developing economies. (Argue your case using the Mexican Case Study provided) 

SECTION B     
 QUESTION 3 
The South African job market experiences one of the highest levels of unemployment in the world. Some economists feel that unemployment can be reduced by lowering the minimum wage rate. In other words, they believe that the minimum wage rate acts as a price floor (for labour) set by the government that result in an excess supply of labour in the market. 
 
3.1  With the aid of diagrams and suitable examples discuss the economic effects of price controls.
3.2  With the aid of relevant examples distinguish between administered prices and prices controls.      
 
QUESTION 4 
The market structure can largely influence the degree of profitability of a given supplier. As a result, it is important for governments to keep a watch on the degree of competition within various industries. 
 
4.1 Using marginal cost (MC), the average cost (AC) and marginal revenue curves inappropriate diagrams illustrate and explain how a firm is operating in a perfectly competitive market can make abnormal profits, normal profits and a loss.   
4.2 Discuss the rationale for government in creating monopolies for the provision of basic goods and services in your country.                  
4.3 Explain the different strategies that the government can use to prevent monopoly power in your country.     

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