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4 International trade and the global economy

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Question 16

A free trade agreement removed tariffs on electric fans traded between the UK and a group of partner countries. The table shows changes in the market one year after the agreement.

MeasureBefore the agreementAfter the agreement
Average UK retail price of an electric fan£46£39
UK manufacturers' sales in the UK£52 million£39 million
UK manufacturers' sales to the partner countries£18 million£35 million

Using the data, explain one effect of the free trade agreement on consumers and two effects on UK producers.

[6]
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4 International trade and the global economy Questions

  1. GCSE
  2. /Economics
  3. /4 International trade and the global economy

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