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Question #1

Question #1. European governments have a policy of supporting farm incomes with artificially higher prices for certain foodstuffs. What are the economic effects of this on Europe and the rest of the world? . Question #2.

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Question #1

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  1. Question #1 European governments have a policy of supporting farm incomes with artificially higher prices for certain foodstuffs. What are the economic effects of this on Europe and the rest of the world?

  2. Question #2 (a) What role do prices play in the allocation of resources in free market economics? (b) Evaluate the options available to governments to overcome the failure of markets arising from the production and consumption of demerit goods. Illustrate your answer with the examples where possible.

  3. Question #3 ‘National policies and international agreements must be implemented in order to reduce global environmental problems’. (a) Using the concepts of market failure, explain the statement above from an economist’s point of view. (b) With references to both national policies and international agreements, present and evaluate three solutions that could be recommended by economists.

  4. Question #4 Discuss the economic arguments for and against imposing substantially higher levels of taxation on the sale of alcohol.

  5. Question #5 (a) Explain the concepts of maximum and minimum price controls. (b) Evaluate the idea that government intervention in the form of price ceilings and price floors is well intentioned, but often leads to undesirable side effects.

  6. Question #6 How might the elasticity of a demand curve affect the shape of its total revenue curve?

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