Edexcel A Level Economics B
Edexcel A Level Economics B 3.1 Globalisation Exam Questions
Free Edexcel A Level Economics B exam questions on 3.1 Globalisation, with mark schemes. Covers the drivers and features of globalisation, trade and trading blocs.
3.1 Globalisation exam questions
1 question pack of real past exam questions with its mark scheme. Answer every question without notes, then mark your answers line by line against the mark scheme.
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A Level Economics Flashcards
Every answer is written in mark scheme wording, so you learn exactly what examiners give marks for. Pick your exam board, then test yourself with the questions on this page.
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About Edexcel A Level Economics B 3.1 Globalisation
3.1 explains why the world economy has become more integrated and how trade creates winners and losers. Expect comparative advantage questions and evaluation of trading blocs.
What you need to know
- Drivers of globalisation Lower transport and communication costs, trade liberalisation, the growth of multinationals and capital mobility.
- Comparative advantage Countries gain by specialising in goods with the lowest opportunity cost.
- Trading blocs and the WTO Free trade areas, customs unions and single markets, trade creation and trade diversion, and the role of the WTO.
- Protectionism Tariffs, quotas and subsidies, and their effects on prices, consumers and producers.
Common mistakes in 3.1 Globalisation
- Calculating comparative advantage from absolute output.
- Confusing trade creation with trade diversion.
- Saying protectionism benefits consumers.
Try three 3.1 Globalisation exam-style questions
1. Explain what is meant by trade diversion. (2 marks)
Show the mark scheme answer
When a trading bloc causes trade to switch from a lower cost producer outside the bloc (1) to a higher cost producer inside the bloc because of the common external tariff (1).
2. State two drivers of globalisation. (2 marks)
Show the mark scheme answer
Any two: falling transport costs, improved communications technology, trade liberalisation, growth of multinationals, capital mobility (1 each).
3. Explain one effect of a tariff on domestic producers. (2 marks)
Show the mark scheme answer
Imports become more expensive (1), so domestic producers can sell more at a higher price (1).
3.1 Globalisation FAQs
What does Edexcel A Level Economics B 3.1 cover?
The causes and features of globalisation, comparative advantage, trading blocs, the WTO and protectionism.
Which paper is Theme 3 examined in?
Paper 1, with Theme 1, and the synoptic Paper 3.
Do I need a tariff diagram?
Yes. Show the tariff raising domestic price, reducing imports and the welfare loss.
Revise this topic with flashcards: A Level Economics Flashcards, with mark scheme answers for Anki and Quizlet.
