WJEC AS Economics - Market Failure

The legal definition of a monopoly is when a company has ( ) of the market share

All the following are reforms to the CAP except:

Tradable pollution permits utilise the ( ) to reduce carbon emissions.

Why is a bumper harvest not necessarily a good thing?

What is the main disadvantage to any taxation scheme to address market failure?

The negative spillover effect from either production or consumption is known as:

Consumers won't pay for things they can get for free. What problem is this related to?

Which of the following are characteristics of private goods?

Information failure leads to over/underconsumption because of the following except:

Which of the following is false about Asymmetry of Information?

Which is not a criticism of the CAP?

A safety stock held to reduce price instability is known as a:

Export refunds are a form of ( ) so farmers can sell their goods at world prices.

The Single Farm Payment is also known as:

Which is not a main aim of road pricing?

The social optimum occurs during the following except:

What is this known as?

Agricultural goods are volatile because of inelastic demand and supply.

Why do pure monopolies lead to a breakdown of the price mechanism?

The following things are all most directly associated with:

Which is an example of a positive externality arising from consumption?

Which of the following are false regarding subsidies?

Merit goods considered underprovided because:

Goods that appear public in nature but don't exhibit the all qualities of public goods are:

Which is false?

Excise duty is a type of ( ) tax.

When a monopolist restricts output to raise prices, all the below occur except

The following statement is either true or false:

In Wales, nearly ( ) of farmers' incomes come from CAP; in the UK it's ( ).

When government policies produce negative consequences, it is known as:

Why are roads quasi public goods?

Which is not an aim of the CAP?

Pollution, delayed emergency response & decline in house values are all externalities of what?

APD increases ticket prices and leads to fall in demand. This directly leads to fall in planes.

( ) benefits = private benefits + ( ) benefits

The CAP has helped developing markets by letting them have Europe's excess stocks.

Which of the following is not a characteristic of a good with positive externalities?

Congestion has increased because demand for cars has increased but supply of roads has not.

The absence of clearly defined property rights leads to negative externalities. This is:

Which is not a way the government in the UK has "redistributed wealth"?

Why is there a long run downward trend in agricultural prices?

What may influence the target price in a buffer stock scheme?

Which is true for both maximum and minimum prices?

Externalities of aviation are not reflected flight prices. The ( ) are not paid for.

The loss of efficiency that occurs when social optimum for a good is not achieved is known as:

Income inequality is an example of market failure.

Excess supply caused by minimum prices under CAP led to ( ) in attempt to solve the problem.

A tariff is a tax imposed on:

The reason the market fails in traffic congestion is (more accurately) due to:

Which are characteristics of externalities?

Market failure does not necessarily occur when:

Which of the following do not lead to an opportunity cost for the government?

What is the main negative externality that arises from aviation?