What is the most likely consequence of a country's government deciding to significantly reduce trade barriers and transition towards free trade?
Consumer surplus in the domestic market decreases
Inefficient domestic producers experience a decline in their market share
The rate of structural unemployment in the economy immediately falls
Domestic exporting firms face higher barriers to entry in foreign markets
35 exam-style questions on OCR A Level Economics Specialisation and trade. Each one has a worked solution and a mark scheme showing where the marks go.