This paper covers an in-class exercise in which students participate in an "international trading exercise" eventually involving economic sanctions. Students are divided into 'buying' countries and 'selling' countries. Buyers and sellers are given valuation cards and earn consumer surplus and profit, respectively. Participants learn that economic sanctions very well may not do much other than make prices somewhat higher (and quantity somewhat lower) than if no sanctions existed. Students learn economic rationale behind this insight.
J. Patrick Meister. "Economic Sanctions Exercise." Proceedings of the New York State Economics Association. vol. 5, October 2012, p. 171-173
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