Tariffs and Protectionism

Explain one benefit of free trade for people in UK

No tariffs on imports means costs of goods are cheaper. This benefits consumers because they are able to buy more for a lower amount - income goes further.

Explain a possible consequence of increased protectionist policies on petrol for economies like India

Putting taxes on imports of petrol protects petrol being produced in India and makes consumers more likely to buy petrol produced within India as it is cheaper than others imported from other countries. This means there will be a higher demand for petrol producers in India, increasing the GDP.

answer is yes

yes

answer is no

no