13 questions on Trade (AQA specification 2.6.2) from the A-Level Economics papers, 2017–2022. Every question links to the official mark scheme at the page its answer begins on.
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Extract E (lines 7–9) states: ‘It was hoped that policy measures, including a reduction in tariffs... would help to reduce inflation’. With the help of a diagram, explain how a reduction in tariffs could help to reduce inflation.
Explain reasons for changes in the value of exports from the UK to the rest of the world.
Evaluate the view that international trade always benefits nations.
Extract F (lines 7–8) states: ‘Economists said the data reinforced the view that the slump in South Korea’s trade-reliant economy would continue beyond this year’. Using the data in the extracts and your knowledge of economics, evaluate policies which could be used to boost South Korea’s exports and increase its trade surplus.
Us ing th e data in Extract D (Figure 4), calculate how much was spent by the US on imports from China for every $1 it received from exports to China in 2018. Give your answer to two decimal places.
Explain how the data in Extract D (Figure 3) and (Figure 4) show why the US may have decided to implement protectionist policies.
Extract E (lines 10–11) states: ‘US tariffs on $200bn of Chinese imports came into effect in September.’ With the help of a diagram, explain how the imposition of a tariff may affect the volume of imports.
Extract F (lines 17–19) states: ‘Some argue that many developed countries that now champion free trade, only achieved economic prosperity through protectionist policies.’ Using the data in the extracts and your knowledge of economics, assess the view that developing economies, such as Brazil and China, should pursue protectionist policies to achieve greater economic development.
Explain how a sustained slowdown in the world economy is likely to affect living standards in the UK.
Explain how a sustained low world market price for oil would be likely to affect the economic development of a less economically developed oil-producing country such as Nigeria or Venezuela.
After considering Extract E, and the original evidence in Extracts A, B, C and D, would you recommend to the members of OPEC that they continue to restrict the supply of oil to try to raise the world market price of oil? Justify your recommendation.
Extract B (lines 17–19) states ‘India still protects its economy with anti-dumping measures and export subsidies that are designed to promote economic growth.’ With the help of a diagram, explain how export subsidies may help promote economic growth in India.
Explain the possible reasons for changes in the pattern of trade between the UK and the rest of the world.
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