Subsection 2.10. Market failure for Economics, IGCSE - revisedeck

2.10. Market failure

A subsection of Economics, 0455, through 2. The allocation of resources

Listing 10 of 45 questions

A large shop selling clothes opened in a town. Its prices were much cheaper than other shops selling similar items. As a result many more customers came to the area. They also visited restaurants near the shop. The restaurants reported a 10 % increase in sales. What economic concept does the above statement best illustrate?

0455_s12_qp_11

MCQ

2012

Paper 1, Variant 1

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A company produces an electric car that can be driven much further than other electric cars without needing recharging. The car does not emit the dangerous fumes that petrol cars do. The batteries that power the car are very expensive and the company is building a huge factory to produce batteries more cheaply. Which concepts can be applied to the above statement?

0455_s17_qp_13

MCQ

2017

Paper 1, Variant 3

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Cuba is implementing free market reforms. What is a likely advantage of this?

0455_s19_qp_12

MCQ

2019

Paper 1, Variant 2

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Sometimes the government regulates the market to protect the interests of consumers. Which kind of regulation would achieve this protection?

0455_s19_qp_13

MCQ

2019

Paper 1, Variant 3

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What is an economist’s definition of a market?

0455_s21_qp_11

MCQ

2021

Paper 1, Variant 1

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A private sector firm is the only supplier of rail services between two cities. What will stop the firm charging very high ticket prices?

0455_s21_qp_12

MCQ

2021

Paper 1, Variant 2

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Every business organisation faces the problem of satisfying wants. What is the reason why wants are not fully satisfied?

0455_w11_qp_11

MCQ

2011

Paper 1, Variant 1

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Every business organisation faces the problem of satisfying wants. What is the reason why wants are not fully satisfied?

0455_w11_qp_12

MCQ

2011

Paper 1, Variant 2

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Every business organisation faces the problem of satisfying wants. What is the reason why wants are not fully satisfied?

0455_w11_qp_13

MCQ

2011

Paper 1, Variant 3

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Hospital services are provided by the government and paid for through taxation. People cannot always get the treatment they require because of long waiting lists. Of what is this an example?

0455_w18_qp_13

MCQ

2018

Paper 1, Variant 3

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Questions Discovered

45