Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
benefits of specialisation and free trade (trade liberalisation), including the trading possibility curve
different tools of protection and their impact: tariffs, import quotas, export subsidies, embargoes, excessive administrative burdens (‘red tape’)
effectiveness of different policies in relation to different macroeconomic objectives: fiscal policy including Laffer curve analysis, monetary policy, supply-side policy including market-based and interventionist policies, exchange rate policy, international trade policy