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Arguments for and Against Trade Control/Protection · Paper 1 — Free Economics SL Practice Questions
1FoundationSAQ-SImpact on consumers, producers, and governments3 marksPaper 1~5 min
The government of a country imposes a tariff on imported electronic goods.
(a)
Draw a fully labelled demand supply for the domestic market for electronic goods, showing the effect of the tariff. [1 mark]
(b)
Using your , explain the impact of the tariff on domestic consumers and domestic producers. [2 marks]
Solutions
2MasterySAQ-SProtectionist vs free trade policies4 marksPaper 1~6 min
Country X, a developing nation, currently imposes a tariff on imported textiles, raising the domestic price above the world price. The government is considering removing this tariff.
(a)
Draw a fully labelled for the domestic textile market in Country X showing the domestic supply curve, domestic demand curve, world price without tariff (), and world price with tariff (). Identify the areas representing consumer surplus and producer surplus at . [2 marks]
(b)
Using your , analyse how removing the tariff affects consumer surplus and producer surplus in Country X's domestic textile market. [2 marks]
Solutions
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