Discuss whether graduate should pay the full cost of their university education.
No, poor families may not be able to afford the cost, this could reduce the number of graduates, lowering potential output, increasing income inequality
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15
Analyse, using a production possibility curve (PPC) diagram, the effect of an increase in enterprise in economy.
Enterprise is a factor of production, more enterprise increases productive capacity so it causes economic growthit causes
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15
Explain two causes of a shift of demand curve to the left.
decrease in the price of a substitute, if a substitute becomes cheaper people will switch to it
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15
Explain two reasons university graduates usually earn more than they have not gone to university.
graduates are more likely to be skilled and this makes them more productive
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15
Define price-inelastic demand
When demand changes by a smaller percentage than the change in price and when PED is less than 1.
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15
Discuss whether governments should discourage demerit goods consumption.
No, industry employs large numbers, may reduce the output/revenue from them, reducing GDP/economic growth and causing unemployment
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15
Discuss whether governments should discourage demerit goods consumption.
Yes, they may cause external costs e.g. pollution, global warming, damaging peopleâs health, reducing living standards, damaging local economies
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15
Discuss whether graduate should pay the full cost of their university education.
Yes, they will learn new skills/gain qualifications, their employment opportunities are likely to increase, they are likely to earn a high wage
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15
Explain two advantages of conserving natural resources
resources will last longer / decrease rate of depletion, future generations will be able to benefit from the resources
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15
Analyse how a government could promote the purchase of merit goods
Subsidise merit good producers, reducing production costs, lowering price, improving quality, making them more affordable
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15
Discuss whether or not a government should impose a maximum price on food.
it set below the equilibrium, will result in shortages, may result in firms making losses and so reducing quality of food or employment of workers
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15
Define demerit goods
A product which is more harmful to consumers than they realise / the government considers, It is over-consumed / overproduced it creates external cost
