Unit 1 - Introduction to markets and market failure
Exam (elaborations)
1.3- Market Failure- A level Economics Edexcel Exam Questions
13 views 0 purchase
Course
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]
, Head to savemyexams.co.uk for more awesome resources
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
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EconomicsNoteAndExamQuestions. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.89. You're not tied to anything after your purchase.
