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4 International trade and the global economy

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Question 45

A firm exports ceramic tiles. In Year 1, the average export price was £15 per box. Its export volumes are shown below.

YearExport volume
Year 180,000 boxes
Year 264,000 boxes
a.

Calculate the firm's export earnings in Year 1.

[1]
b.

Calculate the minimum average export price per box the firm needs in Year 2 for its export earnings to be no lower than in Year 1.

[1]
c.

Explain why the percentage rise in the average export price needed in Year 2 is greater than the percentage fall in export volume.

[2]
Markscheme

4 International trade and the global economy Questions

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

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