WorksheetsOCR GCSE Economics - 4.1 - Importance of International Trade
Total questions: 10
Worksheet time: 5mins
This trade barrier limits the number of products that can be brought into a country
Tariff
Quota
Embargo
Subsidy
This is a tax on imports that is used to increase the price of foreign products and raise government revenue
Tariff
Quota
Subsidy
Embargo
Infant industries can be helped in the world market by giving those industries a
Subsidy
Quota
Embargo
Tariff
Tariffs and quotas can benefit nations imposing them by:
Raising revenue
Increasing the variety of goods
Lowering prices
Increasing consumption
A major cost of free trade from poor nations is that they will
Get cheaper goods
Get more goods
Get environmental damage
Get a greater variety of stuff
Watches made in Norway are worn by people in Liverpool
Import
Export
Tyres made in Newcastle are used on cars in the US
Import
Export
Import means
Buying goods from another country
Selling goods to another country
Only making one kind of product
Export means
Buying goods from another country
Selling goods to another country
Only making one kind of product
Companies can produce goods for the domestic market as well as the foreign market. Is this a benefit or cost of free trade?
Benefit
Cost
