The Country Of Gorong
Tomi Sanni & Rishegan
March 9, 2011
Part A: Economic Analysis Of Your Country & The Global Economy: Question 1:
I chose Spain to compare to our country of Gorong we share many similarities Spain is one of the lead producers of fruit in the world such as Gorong. Spain produce 213,617 fruits last year 2nd only to the United States of America, this is because Spain produces large amounts of olives to make olive based materials such as Olive Oil. It also produces Machinery in the form of cars which it exports to countries such as Canada, which coincides with our country, and also a producer of oil being worlds top producers of that product respectively Spain also is an avid importer of meat such as our country. Spain’s trade policy is similar to that of other nations of the European Union. The common weighted average tariff rate in the EU was 1.3% in 2008. The EU, however, has higher tariffs for manufacturing and agricultural products. The EU and Spanish trade policy also has several non-tariff barriers, particularly in the primary and secondary sectors, such as: * Subsidies and quotas
* Import restrictions or bans on shipment of certain goods * Market access restrictions in certain services sectors Our policies differed from this, because we didn’t have any restriction on imports increasing the money spent on imports. Overall our country was not run better than the real world country, because we did equalize or revenue by exporting our specialized products instead we continued to import making our budget substantially.
The product we traded the most was oil, the price at which we traded our oil was effected by what other countries priced there exports in oil If we were selling it for 4 dollars a ton and another country sold the same product for 3 dollars we had to sell it for 2 dollars, because its all about the competition of the...