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GCE JUN 2009 : (AS 2) The Market Mechanism, Market Failure and Government Response

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ADVANCED SUBSIDIARY (AS) General Certificate of Education 2009 assessing Module 1: The Market Mechanism, Market Failure and Government Response [ASE21] ASE21 Assessment Unit AS 2 (Essay) *ASE21* Economics FRIDAY 5 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 every 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. 4454 BLANK PAGE 4454 2 Answer one question only. 1 (a) Explain what is meant by the basic economic problem. [8] (b) Analyse how the basic economic problem would be addressed by a free market economy. [16] (c) Evaluate the view that free markets always lead to the most efficient allocation of resources. 2 (a) Explain what is meant by the term price elasticity of demand. [16] [8] (b) Analyse how, all other things being equal, the price elasticity of demand influences how the burden of an indirect tax is divided between the consumer and the producer. [16] (c) In response to concerns over congestion and pollution, environmentalists have argued for the use of subsidies to promote cycling. Evaluate the view that subsidies are an ineffective way of encouraging cycling. [16] (a) Explain what an economist means by social costs and social benefits. [8] (b) Explain how an economist might use cost benefit analysis (CBA) to assist in making decisions about building a new national sports stadium. [16] (c) Recent estimates suggest that the total cost to the UK economy of hosting the 2012 Olympic Games is to be 9.3bn almost four times the original estimate. Evaluate the view expressed by some commentators that this is a waste of public money. [16] THIS IS THE END OF THE QUESTION PAPER 4454 T80172/1

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Additional Info : Gce Economics June 2009 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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