Economics 0455 · IGCSE · Globalisation, free trade and protection
Globalisation, free trade and protection — practice question
There was a worldwide steel surplus in 2017. In mid-2017, the US government was considering tariffs on steel imports to shield its shrinking steel industry. Low-cost imports from other countries were cutting jobs in the US steel industry. Changes in education were also shaping the pattern of US employment.
(a)[2]
Identify two trade protection methods other than tariffs.
(b)[4]
Explain how market forces remove a surplus and a shortage.
(c)[6]
Analyse how improvements in education may influence the pattern of employment.
(d)[8]
Discuss whether or not a country’s imposition of import tariffs will reduce unemployment.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Import quotas” …