Unit 1 - Introduction to markets and market failure
Exam (elaborations)
1.3- Market Failure- A level Economics Edexcel Exam Questions
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Unit 1 - Introduction to markets and market failure
Institution
PEARSON (PEARSON)
Memorsing content can only take you so far, so use exam questions effectively to prepare yourself for the actual exam. This document will help you do so, it contains exam questions for this spec point. [A Level Economics Edexcel A, Exam Questions]
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Question 1a
The external benefits of higher education include increased tax revenue, faster economic growth, greater innovation and
labour market flexibility.
(Source adapted from: https://www.timeshighereducation.com/news/higher-education-its-good-for-you-and-society/2008681.article#survey-answer)
(a)
Draw an externalities diagram to show the likely impact of the consumption of higher education.
[4 marks]
Question 1b
(b)
On average, in the UK, a working-age graduate earns approximately £10 000 more per year than a non-graduate.
(Source adapted from: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/701720/GLMS_2017.pdf)
This suggests a university degree provides a substantial ________________.
A. external benefit
B. external cost
C. private benefit
D. social cost
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