gcse economics - international trade - past exam questions
FOUNDATION LEVEL
• In recent years, trade with the European Union has grown rapidly,
so that today 50% of all visible trade is with the UK’s European Union
partners.
a) what is meant by visible trade? (2)
b) suggest why so much of the UK’s trade is with the European Union
(5)
• Supercakes Ltd is a company which produces cakes and biscuits. It
is hoping to sell its products outside the European Union but in trying to
do so it faces trade barriers.
a) What is a trade barrier? (2)
b) Why do countries introduce trade barriers? (4)
HIGHER TIER
Study the table and answer the questions below
Exports/Imports |
£million |
Visible exports |
166,921 |
Visible imports |
179,578 |
Invisible exports |
50,807 |
Invisible imports |
43,665 |
• Calculate the balance of trade (2)
• Calculate the current account balance (3)
•
Explain how the UK’s current account balance would be affected by:
a) UK consumers buying more foreign holidays (2)
b) French consumers buying more cars from the UK (2)
• Explain the advantages and disadvantages of policies which a government
might use to reduce a current account deficit (10)
•
How might a slow down in the UK economy’s rate of growth affect the
balance of payments? Explain your answer. (6)
• In what ways could a strong £ and high interest rate policies affect a car manufacturer in the UK? (6)
• What do you think are the main factors that determine the main export markets for UK goods and services? (10)
• Explain 2 ways in which a country might protect its domestic market from imports (4)
• Do you think that British membership of the single European currency will benefit UK firms? Give economic reasons for your decision. (9)
These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley Keep Up-todate with your GCSE Economics - Subscribe Free to Economics in the News by Email
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