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GCE JAN 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] THURSDAY 18 JANUARY, MORNING 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. ASE2W7 2856 BLANK PAGE ASE2W7 2856 2 Answer one question only. 1 (a) Explain, using a suitable example, what is meant by a negative externality. (b) Explain why free markets tend to allocate too many resources to production which generates negative externalities. [8] [16] (c) Critically examine some of the policies which governments could implement in order to reduce such production. [16] 2 (a) With the assistance of a demand and supply diagram, explain what is meant by a market-clearing (equilibrium) price. [8] (b) Explain how a rise in demand for one product may have effects in other markets. [16] (c) Evaluate the desirability of allocating education through market pricing rather than government provision. [16] 3 (a) Explain what is meant by allocating scarce resources . (b) Explain why free markets should in theory lead to the achievement of allocative efficiency. [8] [16] (c) Evaluate the view that in practice free markets are likely to deliver inefficient outcomes. [16] ASE2W7 2856 3 SP (NF) T34821/1

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Additional Info : Gce Economics January 2007 Assessment Unit AS 2 Module 1: The Market Mechanism, Market Failure and Government Response
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