1. (a) Explain why merit goods are an example of market failure.

(b) Evaluate the policies a government might use to deal with the market failure associated with merit goods.

2. (a) Explain the difference between cyclical/demand-deficient and structural unemployment.

(b) Evaluate the view that high unemployment is the most serious economic problem a country can face.

3. (a) Explain how the value of a currency is determined in a free floating exchange rate system.

(b) Evaluate the consequences for an economy of a significant depreciation in the value of its currency.

4. (a) Explain why multinational corporations enter new markets in less developed countries.

(b) “Multinational corporations do not help economic development.” Evaluate this statement.



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