IB Economics SL 4.2 Types of Trade Protection Questions

Practise drawing tariff, quota and subsidy diagrams, then explain how trade barriers change imports, prices, output, government revenue and stakeholder welfare in IB Economics SL.

Exam points

Define tariffs, quotas, subsidies and administrative barriers as forms of trade protection.
Explain how tariffs, quotas and subsidies affect domestic prices, output, consumption, imports or exports and welfare using diagrams or data.
Evaluate the aims, benefits and costs of trade protection for consumers, producers, government revenue, efficiency and trading partners.

Covered syllabus points

4.2.1—Tariffs 4.2.2—Quotas 4.2.3—Subsidies and export subsidies 4.2.4—Administrative barriers

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