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Economics and International Trade
ASSESSMENT 2 - 2021-02
Method / Topic
25% 50% Pass
NAME: ASSESSMENT CRITERIA
(i) What are the assumptions of a perfectly competitive market? [20 marks]
(ii) Contrast it with that of a monopoly. [20 marks]
Address the points provided below where applicable:
(i) Explain the concept of a negative externality. [15 marks]
(ii) What are the policies a government can adopt to mitigate the effects of externalities? [15 marks]
(i) Explain the four components of Gross Domestic Product (GDP) and how the Covid-19 pandemic has affected the GDP of the United Kingdom. [10 marks]
(ii) What components of the United Kingdom’s GDP (if any) would each of the below transactions affect? Provide an explanation for each.
a) Boris Johnson buys a new pair of shoes for personal use. [5 marks]
b) The current British government pays the salaries of government workers. [5 marks]
c) GlaxoSmithKline decides to open a new manufacturing plant in Leeds. [5 marks]
d) Your Economics and International Trade lecturer buys Parmigiano cheese (a type of Italian cheese) made in Italy, but sold in the United Kingdom. [5 marks]
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