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- 20 Marks
EIB – APR 2024 – L1 – Q5 – Specialisation and International Trade
Defines specialisation, market influence, BOP, tariff benefits, absolute advantage.
Question
(a) Define the term Specialisation as applied in Economics. [4 marks]
(b) Explain how Specialisation can be influenced by the extent of the market. [4 marks]
(c) What is meant by Balance of Payments in the context of International Trade? [4 marks]
(d) Mention two (2) benefits of Tariffs in International Trade. [4 marks]
(e) Explain the term Absolute Advantage in the context of International Trade. [4 marks]
(Total: 20 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Absolute, Balance of Payments, Market Extent, pecialisation, Tariffs Benefits
- Level: Level 1
- Topic: Price and Output International
- Series: APR 2024
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- 20 Marks
EIB – APR 2024 – L1 – Q5 – Specialisation and International Trade
Defines specialisation, market influence, BOP, tariff benefits, absolute advantage.
Question
(a) Define the term Specialisation as applied in Economics. [4 marks]
(b) Explain how Specialisation can be influenced by the extent of the market. [4 marks]
(c) What is meant by Balance of Payments in the context of International Trade? [4 marks]
(d) Mention two (2) benefits of Tariffs in International Trade. [4 marks]
(e) Explain the term Absolute Advantage in the context of International Trade. [4 marks]
(Total: 20 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Absolute, Balance of Payments, Market Extent, pecialisation, Tariffs Benefits
- Level: Level 1
- Topic: Price and Output International
- Series: APR 2024
Report an error
