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Economics Essays

Suggested answer to A levels essay question: Externalities and allocative efficiency.

(b) In the UK, entry to the national museums and art galleries is free of charge and tickets to see the opera are heavily subsidised. In contrast, in Japan, entry to national museums and art galleries comes at a high price and a ticket to see the opera is among the most expensive in the …

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(b) Discuss how the opportunity cost of increased healthcare expenditure differs, depending on whether it is financed by individuals or the Singapore government. [15] (2016 P2A Q2)

Keyword (s) “population is aging” and” individuals”. Individuals refer to elderly citizens. Thesis: The opportunity cost of increased healthcare expenditure, if financed by individuals, will depend on their relative income or wealth levels. The opportunity cost of increased healthcare expenditure for rich elderly citizens is the interest forgone from saving. To the very rich who …

(b) Discuss how the opportunity cost of increased healthcare expenditure differs, depending on whether it is financed by individuals or the Singapore government. [15] (2016 P2A Q2) Read More »

Distinguish between public goods and merit goods. [10]

Public goods such as street lights are defined as goods which are non-excludable and non-rivalrous in consumption, while merit goods such as education are goods deemed socially desirable by the government. Street lights are non-excludable in consumption while education is excludable in consumption. Street lights are also non-rivalrous in consumption while education is rivalrous in …

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