Evaluate the microeconomic and macroeconomic effects of Ghana joining the African Continental Free Trade Agreement
Edexcel A-Level Economics Paper 3 June 2024 Insert
Evaluate the microeconomic and macroeconomic effects of Ghana joining the African Continental Free Trade Agreement (Extract F). (25 marks)
Plan
- Paragraph 1
- Argument: one microeconomic effect of such trade agreements is a fall in costs
- Diagram: decrease in costs for firms
- Evaluation: higher cost due to common external tariff
- Paragraph 2
- Argument: one macroeconomic effect of such trade agreements is a fall in prices
- Diagram: tariff removal diagram
- Evaluation: prices may rise due to a common external tariff
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