Could someone please explain why the answer is C for question 7:
http://www.boardofstudies.nsw.edu.au/hsc_exams/hsc2011exams/pdf_doc/2011-hsc-exam-economics.pdf
By introducing a $5 tariff on top of the world price, this means that only 40million imports enter the country (70-30m). Therefore, a quota of 40m imports will have the same effect. (C)
Re: 2015 HSC Economics Marathon
Explain how an increase in productivity in a hypothetical economy could impact on TWO components of its balance of payments (4 marks)
Re: 2015 HSC Economics Marathon
Explain how an improvement in Australia's BOGS affects the level of economic activity in the Australian economy (4 marks)