2019-01-25T11:32:22+00:00 Assignments

Explain the main economic features of a free market economy

This paper concentrates on the primary theme of Explain the main economic features of a free market economy in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

ECONOMICS FOR BUSINESS

Instructions to candidates:

a) Time allowed: Three hours (plus an extra ten minutes’ reading time at the start – do not write anything during this time)

b) Answer any FIVE questions

c) All questions carry equal marks. Marks for each question are shown in [ ]

1.

a) Explain the main economic features of a free market economy.

[10]

 

b)

Discuss the reasons why the state might interfere with the free market economy.

[10]

2.

a)

Using examples, explain what you understand by the concept of elasticity in economics.

[8]

b) Discuss why a business would like to know the price elasticity of demand and income elasticity

of demand for its products.

[12]

3. a) Illustrate and describe, using the appropriate graph, the profit maximising point of a monopoly

firm earning supernormal profit.

[10]

b) Discuss the main barriers to entry which can create and maintain monopoly power.

[10]

4. Discuss the nature of, and possible government response to, the following examples of market failure:

 

a)

Externalities

[10]

 

b) Merit goods and public goods

[10]

5.

a)

Outline the main functions of money.

[8]

 

b) Consider how a bank can ‘create’ money and explain the main limitations of this process.

[12]

6.

a)

Outline the main types of unemployment in a developed economy.

[10]

 

b) Discuss the ways in which a government might attempt to reduce the level of unemployment.

[10]

7.

a)

Outline the main functions of taxation in a developed economy.

[10]

 

b) Analyse to what extent direct taxes carry out these functions effectively.

[10]

8.

a)

Discuss why a government might try to reduce imports into its economy.

[8]

 

b) Outline THREE means by which a government may reduce imports.

[12]

 


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