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Some examples from this set of practice questions
1.
What is deadweight loss?
Answer: The welfare loss when due to market failure desirable consumption and production does not take place.
2.
What are regulations?
Answer: A wide range of legal and other requirements that come from governments and other organisations.
3.
What are pollution permits?
Answer: A form of licence given by governments that allows a firm to pollute up to a certain level.
4.
What are property rights?
Answer: Where owners have a right to decide how their assets may be used.
5.
What is privatisation?
Answer: Where there is a change in ownership from the public to the private sector.
Some examples from this set of practice questions
1.
What is the poverty trap?
Answer: Where an individual or a family are better off on means-tested benefits rather than working.
2.
What are universal benefits?
Answer: Benefits which are available to all irrespective of income or wealth.
3.
What is a progressive tax?
Answer: One where the rate rises more than proportionately to the rise in income.
4.
What is a regressive tax?
Answer: One where the ratio of taxation to income falls as income increases.
5.
What is a negative income tax?
Answer: A unified tax and benefits system where people are taxed or receive benefits according to a single set of rules.
6.
What is intergenerational equity?
Answer: The responsibility that government has to provide for a more equitable future distribution of income and wealth.
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