IGCSE Economics 0455 October November 2024 Paper 2, Variant 1 – Sample Answers and Examiner Commentary – Question 4

(a) Identify two methods of trade protection apart from a tariff. [2] Two other methods of trade protection are import quotas and subsidies to domestic producers. An import quota sets a physical limit on the quantity of a good that can be imported, while subsidies reduce production costs for local...

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