Pearson Edexcel Level 3 GCE 8EC0/01 2022 Economics A Advanced Subsidiary PAPER 1: Introduction to Markets and Market Failure

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ECTION A Answer ALL questions. Write your answers in the spaces provided. Some questions must be answered with a cross in a box . If you change your mind about an answer, put a line through the box... and then mark your new answer with a cross . You are advised to spend 25 minutes on this section. Use the data to support your answers where relevant. You may annotate and include diagrams in your answers. 1 Since 2015, the government has invested £74 million on a flood defence scheme in the Calder Valley. The scheme will protect homes, businesses and jobs. (Source: https://www.theguardian.com/uk-news/2020/feb/10/yorkshire-residents-criticisedelays-to-flood-defence-scheme) (a) What are the characteristics of a private good? (1) A Non-rivalrous and excludable B Non-rivalrous and non-excludable C Rivalrous and excludable D Rivalrous and non-excludable (b) Explain why flood defences such as those in the Calder Valley are usually provided by the public sector. (3) ................................................................................................................................................................................................................................................................................... [Show More]

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