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GCE JAN 2008 : (AS 2) The Market Mechanism, Market Failure and Government Response

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ADVANCED SUBSIDIARY (AS) General Certificate of Education 2008 Economics assessing Module 1: The Market Mechanism, Market Failure and Government Response ASE21 Assessment Unit AS 2 (Essay) [ASE21] THURSDAY 17 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. ASE2W8 3846 ASE21M1Jan08t51326.indd 1 6/11/08 14:55:26 BLANK PAGE ASE2W8 3846 ASE21M1Jan08t51326.indd 2 2 6/11/08 14:55:26 Answer one question only. 1 (a) Explain what is meant by the term income elasticity of demand. [8] (b) Explain how an awareness of relevant demand elasticities might be of benefit to the organisers of a major sporting event. [16] (c) Evaluate the view that estimates of elasticities are too unreliable to be the basis of economic decision making. 2 (a) Explain what is meant by a production possibility curve. [16] [8] (b) Explain some of the factors which may cause an outward shift in a production possibility curve. [16] (c) Evaluate the view that scarcity is no longer a problem in developed economies. 3 (a) Explain what is meant by consumer surplus. [16] [8] (b) With the assistance of an appropriate diagram, examine the probable impact on the welfare of consumers of a government imposed minimum price or price floor. (c) Evaluate the view that government policy should be aimed at protecting the interests of consumers rather than producers. [16] ASE2W8 3846 ASE21M1Jan08t51326.indd 3 [16] 6/11/08 14:55:26 SP (SC) T51326/1 ASE21M1Jan08t51326.indd 4 6/11/08 14:55:27

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Additional Info : Gce Economics January 2008 Assessment Unit AS 2 Module 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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