Text B, Paragraph 1
In recent trade agreements between Southeast Asian countries, certain restrictions were placed on the number of imported goods allowed into the region, prompting concerns from local industries.
Define the term quota as indicated in (Text B, Paragraph 1).
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Text D, Paragraph 1
To boost international competitiveness, some governments in Latin America have introduced support schemes such as export subsidies for producers, helping them sell more products overseas.
Define the term export subsidies as indicated in (Text D, Paragraph 1).
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Text A, Paragraph 2
Recently introduced tariffs in East Asia have led to higher costs for certain consumer goods. As a result, many businesses and households are reconsidering their purchasing habits.
State two impacts of tariffs on domestic consumers as found in bold (Text A, Paragraph 2).
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Text C, Paragraph 2
After trade restrictions were imposed, domestic producers in China increased their output. Before the policy change, they sold 200,000 units at $50 per unit. Following the restrictions, they sold 250,000 units at $60 per unit.
Calculate the change in producer revenue as a result of the trade restrictions found in (Text C, Paragraph 2).
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Text A, Paragraph 3
Recent discussions in the Middle East have included policies that restrict the quantity of imported goods to enter with additional imports facing higher charges. The use of a tariff rate quota is on the rise.
Define the term tariff rate quota as indicated in bold (Text A, Paragraph 3).
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Text C, Paragraph 3
Japan has agreed to limit the number of goods it sends to specific countries as part of new trade negotiations. These voluntary export restraints can benefit both trading partners.
Define the term voluntary export restraint as indicated in bold (Text C, Paragraph 3).
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Text D, Paragraph 3
The introduction of quotas on textile imports has forced some Asian manufacturers to seek alternative markets, leading to concerns about their levels of production.
State two impacts of quotas on foreign producers as indicated in bold (Text D, Paragraph 3).
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