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GCE JUN 2007 : (AS 2) The Market Mechanism, Market Failure and Government Response

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ADVANCED SUBSIDIARY (AS) General Certificate of Education 2007 Economics assessing Module 1: The Market Mechanism, Market Failure and Government Response ASE21 Assessment Unit AS 2 (Essay) [ASE21] FRIDAY 8 JUNE, AFTERNOON TIME 45 minutes. INSTRUCTIONS TO CANDIDATES Write your Centre Number and Candidate Number on the Answer Booklet provided. Answer one question only. INFORMATION FOR CANDIDATES The total mark for this paper is 40. Quality of written communication will be assessed in all parts of the question. Figures in brackets printed down the right-hand side of pages indicate the marks awarded to each question or part question. ADVICE TO CANDIDATES You are advised to take account of the marks for each part question in allocating the available examination time. ASE2S7 3169 BLANK PAGE ASE2S7 3169 2 Answer one question only. 1 (a) Explain what is meant by the market-clearing (or equilibrium) price. [8] (b) Analyse the likely impact on a market of a government imposed maximum price (or price ceiling). [16] (c) Evaluate the view that government intervention in markets inevitably leads to a reduction in economic welfare. [16] 2 (a) Explain what is meant by economic rent. (b) Analyse the main causes of inequality of income in the UK economy. [8] [16] (c) Critically examine some of the policies by which government might attempt to reduce inequality of income in the UK economy. [16] 3 (a) Explain the difference between private and external costs. [8] (b) Explain how Cost Benefit Analysis might be used to assess the desirability of a major construction project such as a new motorway. [16] (c) Evaluate the view that most Cost Benefit Studies are a waste of time and money. THIS IS THE END OF THE QUESTION PAPER ASE2S7 3169 3 [16] SP (NF) T46227/1

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Additional Info : Gce Economics June 2007 Assessment Unit AS 2Module 1: The Market Mechanism, Market Failure and Government Response
Tags : General Certificate of Education, A Level and AS Level, uk, council for the curriculum examinations and assessment, gce exam papers, gce a level and as level exam papers , gce past questions and answer, gce past question papers, ccea gce past papers, gce ccea past papers  

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