School / Cambridge IGCSE / 0455 / International trade and development Practice set under review
International trade and development Trade, protectionism, exchange rates and economic development for Papers 1 and 2.
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Economics International trade and development
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1 Country X can produce 100 units of wheat or 50 units of cloth with its resources. Country Y can produce 60 units of wheat or 80 units of cloth with the same resources. Which country has an absolute advantage in wheat production? A Country X B Country Y C Both equally D Neither ✓ Reviewed Paper 1 style Easy 1 marks No calculator + 2 Using the figures above (Country X: 100 wheat or 50 cloth; Country Y: 60 wheat or 80 cloth), calculate the opportunity cost of producing one unit of wheat in each country, and state which country has a comparative advantage in wheat. ✓ Reviewed Paper 1 style Medium 4 marks Calculator + 3 A government imposes a tariff on imported steel. What is the most likely effect on the domestic market for steel? A The domestic price falls and imports rise B The domestic price rises and imports fall C Domestic producers' output falls D Foreign producers' costs fall ✓ Reviewed Paper 1 style Easy 1 marks No calculator + 4 Explain one benefit to consumers of international trade. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 5 A government wants to protect its domestic car industry from foreign competition. Analyse two methods, other than a tariff, that it could use. ✓ Reviewed Paper 2 style Medium 4 marks No calculator + 6 Explain how an increase in demand for a country's exports is likely to affect the external value of its currency under a floating exchange rate system. ✓ Reviewed Paper 2 style Easy 3 marks No calculator + 7 Analyse how an appreciation of a country's currency is likely to affect its consumers who buy imported goods. ✓ Reviewed Paper 2 style Medium 4 marks No calculator + 8 Explain the difference between economic growth and economic development. ✓ Reviewed Paper 2 style Easy 3 marks No calculator + 9 Explain one benefit a developing country could gain from a large foreign company building a factory there through foreign direct investment (FDI). ✓ Reviewed Paper 2 style Easy 2 marks No calculator + 10 Explain what is meant by remittances, and how they can benefit a developing country. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 11 Explain one benefit to member countries of forming a trade bloc, such as a group of countries agreeing to trade freely with each other. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 12 Explain the infant industry argument for temporarily protecting a new domestic industry with tariffs on imports. ✓ Reviewed Paper 2 style Easy 2 marks No calculator + 13 Explain what is meant by dumping in international trade, and why other countries often object to it. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 14 Distinguish between a fixed exchange rate system and a floating exchange rate system. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 15 Explain the difference between a currency depreciation and a currency devaluation. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 16 Explain one risk to a developing country of relying heavily on exporting a single primary commodity, such as one type of agricultural crop. ✓ Reviewed Paper 2 style Easy 2 marks No calculator + 17 Explain what is meant by debt relief, and why some developing countries receive it. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 18 Explain what is meant by ‘brain drain’, and why it can be a problem for a developing country. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 19 Explain one challenge that rapid population growth can create for economic development in a low-income country. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 20 Explain why investing in primary education is often considered one of the most effective ways for a developing country to promote long-term economic development. ✓ Reviewed Paper 2 style Easy 2 marks No calculator + 21 Explain what is meant by sustainable development. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 22 Discuss whether international aid or increased trade opportunities is likely to do more to help a low-income country develop in the long run. ✓ Reviewed Paper 2 style Medium 4 marks No calculator + 23 Explain the purpose of a fair trade scheme for a product such as coffee grown by small farmers in a developing country. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + 24 Explain what is meant by a country's terms of trade. ✓ Reviewed Paper 1 style Easy 2 marks No calculator + Self-assessed 0 / 0
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