Economics 9708 · AS & A Level · International trade and free trade
Explain the possible advantages of free trade and consider whether those advantages are always more significant than the possible disadvantages of free trade.
Assess whether an economy will always gain from a surplus on the current account of its balance of payments.
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “AO1 Knowledge and understanding (max 3 marks): A knowledge and understanding of at least two possible advantages of free trade, such as: an increase in world output; a broader range of products for consumers to choose from; an improved standard of living.” …