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GCE JUN 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] FRIDAY 6 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. ASE2S8 4157 BLANK PAGE ASE2S8 4157 2 Answer one question only. 1 (a) Explain what is meant by allocating scarce resources . (b) Explain how a free market economy allocates scarce resources. [8] [16] (c) Evaluate the view that markets free from government intervention are the best system for allocating scarce resources. [16] 2 (a) Explain what is meant by a demerit good. [8] (b) With the assistance of an appropriate diagram, explain why demerit goods are often over-consumed in a free market economy. [16] (c) Classifying a product as demerit is essentially a political decision, aimed at justifying greater government intervention in the economy. Critically examine this view. [16] 3 (a) Explain what is meant by the price of elasticity of supply. [8] (b) Show how different price elasticities of supply for different types of labour can lead to vast inequalities in income. [16] (c) Critically examine some of the policies by which the government might attempt to reduce inequality of income in the UK economy. THIS IS THE END OF THE QUESTION PAPER ASE2S8 4157 3 [16] SP (NF) T60972/1

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Additional Info : Gce Economics June 2008 Assessment Unit AS 2 Module 1: The Market Mechanism, Market Failure and Government Response
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