Trade Policies and the UK's International Trade (AQA A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are quotas in the context of import controls?
What are quotas in the context of import controls?
Physical limits on import quantities
What is comparative advantage?
What is comparative advantage?
Producing goods at lower opportunity cost
Why do developing economies protect infant industries?
Why do developing economies protect infant industries?
They need time to achieve economies of scale
What is dumping in international trade?
What is dumping in international trade?
Selling surplus goods below cost overseas
What does consumer surplus measure?
What does consumer surplus measure?
Difference between willingness to pay & price
What happens when an economy opens to free trade at world prices?
What happens when an economy opens to free trade at world prices?
Net welfare gain is created for the economy
What do areas A and C represent when a tariff is imposed?
What do areas A and C represent when a tariff is imposed?
Deadweight welfare losses
What was the UK's trade deficit with the EU in 2020?
What was the UK's trade deficit with the EU in 2020?
£49.4 billion
How did the EU share of UK exports change from 2002 to 2020?
How did the EU share of UK exports change from 2002 to 2020?
Declined from 55% to 42%
What was the UK's largest export commodity category in 2020?
What was the UK's largest export commodity category in 2020?
Machinery and transport equipment