IB Economics HL 4.3.2 Arguments Against Trade Protection Topic Practice

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Study 4.3.2—Arguments against trade protection conceptsOpen the corresponding Concept lesson for explanations, examples and exam connections.

Question 1

[Maximum number: 4]

Figure 2 illustrates the daily world price of wheat in US dollars (US$) per kilogram from August 2020 to February 2021.

Figure 2

Figure 2

Using Figure 2 and the information above, explain two reasons that may account for Turkey's decision to eliminate the 20 % tariff on wheat imports from Russia.

Figure 3 illustrates the Turkish wheat market. Before the 20 % tariff was eliminated, the price for wheat in Turkey was US $7.20\$ 7.20 per kilogram. S is domestic supply, D is domestic demand, S w is world supply and S t is world supply with the tariff.

Figure 3

Figure 3

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