4.2.1—Tariffs Topic Practice
4.2.1—Tariffs Topic Practice
Students practise defining tariffs, calculating tariff-inclusive prices and expenditure changes, and using diagrams to show impacts on consumer surplus, producer surplus, and…
How this is tested
- calculate Egypt’s post-tariff soybean expenditure using Figure 3 and a 4% tariff
- use a trade diagram to show how PNG’s machinery tariff raises producer surplus
- explain why a rice tariff in Kenya raises domestic price and reduces quantity demanded