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Briefly describe the term marginal cost
Why was agricultural sector declared as a critical industry and exempt from the hardest lockdown regulations?
Is it possible for firms for firms to experience both increasing and diminishing returns?
Write your view (in 500 words) on the impact of the Covid-19 pandemic on the macroeconomic variables of the Indian economy. (20 marks)
[Evaluation criteria:
Parameters assessed: Selection of the item, quality of analysis and explanation of the item.
Traits observed: Demonstrated appreciation of issues involved in totality, Logical and easy
flow of response.
Superior Response = 90%
Average response 60-70%,
Poor and/or sketchy response 50% or less]
In recent years, most towns and cities have seen a rapid growth in the number of coffee shops and sandwich bars, the majority of which are small and locally-owned. Evaluate, using an appropriate diagram(s), whether such small firms, operating in a monopolistically competitive market, can be economically efficient. [25. PARA 1 deination 2 to 3 points wit evluations and linked easioning and a substantial judgement
NHS figures show that a declining number of children are receiving all their routine vaccinations, including meningitis and the combined measles, mumps and rubella (MMR) vaccine. In some cases, vaccination rates of children are as low as 90%. Evaluate the significance of information failure in decisions made about the consumption of merit goods. [25]. IST PARA defination the two to three points with evaluation and a judgement
The total police budget in the UK for 2018/19 was £12.3bn, most of which was funded from taxation. This is an amount of money equivalent to £186 per person. Evaluate the effectiveness of state provision of public goods. [25) 1st para defination 2 points and 2 evaluation with a substantial judgement
Choose the best answer.
1. If a firm sells its output on a market that is characterized by many sellers and buyers, a differentiated product, and unlimited long-run resource mobility, then the firm is
a. a monopolist. b. an oligopolist. c. a perfect competitor.
d. a monopolistic competitor.
2. A natural monopolyrefers to a monopoly that is defended from direct competition by
a. economies of scale over a broad range of output.
b. a government franchise.
c. control over a vital input.
d. a patent or copyright.
· . The short run is the time period in which the level of output is fixed. True or False?
Give 3 examples each for:
· Monopoly
· Oligopoly
· Perfect competition
· Monopolistic competition
· Public goods
· Fix costs
· Variable costs
A firm pays its accountant an annual fee of $10,000. Is this an economic cost?
