PSY 3010 Lecture Notes - Lecture 10: International Monetary Fund, Free-Trade Area, Reserve Currency
Document Summary
More domestic citizens would have jobs but it would cost more money because the company would not have cheap labor. There would be less competition because everybody would have a level playing field. The government would have more to spend on the economy and its citizens but that would mean that taxes would be raised. The country would have a very highly trained military but that would cause the government to spend a large amount of its funds on the military. You would keep your population up but would cost more for feeding everybody. You would have more revenue on exports but would have less product available for domestic uses. Quotas would have to be how much they export and tariffs would help because it will lower non domestic competition. Tariffs would affect how much they can export to each country and quotas would affect how much competition they have.
