The Student Room Group

Trading blocs exam question

The question is:

Assess the impact on the global economy of hte continued use by trading blocs of measures which restrict free trade.

The mark scheme says the following:
1) Protectionist measures e.g. common external tariff
2) How such measures distort market forces and comparative costs
3) Impact on economic growth and living standards
4) Impact on inflation and unemployement rates
5) Implications for allocation of resources - inefficiency.

Cnn anyone expand on any of the above points?