Economics 0455 · IGCSE · Globalisation, free trade and protection
Globalisation, free trade and protection — practice question
World output has increased in recent years, yet a number of countries have slipped into recession. The easing of trade barriers such as import tariffs has also slowed, which has reduced the growth of world trade.
(a)[2]
Define what is meant by import tariff.
(b)[4]
Explain two benefits that result from an increase in world output.
(c)[6]
Analyse how a recession may cut a country’s imports.
(d)[8]
Discuss whether a developing country will benefit from the removal of trade restrictions, or not.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “A levy imposed on imports” …