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4.1 Importance of international trade

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Question 31

UK residents buy tourism services from businesses abroad. UK firms sell insurance cover to customers abroad.

Which statement correctly classifies these two transactions for the UK?

[1]
A

The tourism is a UK import and the insurance cover is a UK export

B

The tourism is a UK export and the insurance cover is a UK import

C

The insurance cover is a UK export, but the tourism is not a UK import because it is provided abroad

D

Both are UK exports, because the tourists and the insurance cover both go out of the UK

Markscheme

4.1 Importance of international trade Questions

  1. GCSE
  2. /Economics
  3. /4.1 Importance of international trade

85 exam-style questions on OCR GCSE Economics 4.1 Importance of international trade, covering 4.1.1 Why countries import and export and 4.1.2 Free trade agreements. Each one has a worked solution and a mark scheme showing where the marks go.

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