Economics 2281 · O Level · Globalisation, free trade and protection
Globalisation, free trade and protection — practice question
A worldwide surplus of steel existed in 2017. During mid-2017, the US government was considering the use of tariffs on steel imports to shield its declining steel industry. Inexpensive imports from other countries were cutting jobs in the US steel industry. Changes in the US employment pattern were also being influenced by improvements in education.
(a)[2]
Identify two trade protection methods apart from tariffs.
(b)[4]
Explain how market forces can remove a surplus and a shortage.
(c)[6]
Analyse how improvements in education can alter the pattern of employment.
(d)[8]
Discuss whether a country's introduction of import tariffs will reduce its unemployment.
Worked solution & mark scheme
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