A-LevelEconomicsInternational TradeMay/June 2018Paper 1 Q131 Mark
In the diagram, D and S represent the domestic demand and supply curves for a product. Sw represents world supply of the product at a world price of Pw. The initial domestic market equilibrium of the product is at E1. If foreign trade were to be banned completely, the domestic market equilibrium would be at E2. [Figure showing domestic supply (S), domestic demand (D), world supply (Sw) at Pw, and points X, Y, E1, E2, Z, Q1.] What would be the loss of consumer surplus if all foreign trade were banned?
APwXE1
BPwYE2E1
CYXE2
DZYE2
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The correct answer is B. This question tests the candidate's understanding of international trade within the Economicssyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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