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9 marksInternational Trade

CAPE Economics Unit 2 · 2010 · Paper 2 · Question 6(b)

In 2008, the Caribbean region signed an Economic Partnership Agreement with the European Union. Some economists objected to this on the grounds that free trade would not be good for the region.

Outline THREE arguments in favour of protection that these economists could have used to support their position.

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Other parts of this question

  1. 6(a)Distinguish between 'absolute advantage' and 'comparative advantage'.[4 marks]
  2. 6(c)Those countries in favour of the agreement with the European Union argued that the region could receive benefits from free trade with Europe. Outline TWO of…[6 marks]
  3. 6(d)Discuss TWO policy options that a country can use in order to correct a trade deficit.[6 marks]

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