EcoHL P2 N04 TZ0 M

EcoHL P2 N04 TZ0 M - INTERNATIONAL BACCALAURAT BACHILLERATO...

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MARKSCHEME November 2004 ECONOMICS Higher Level Paper 2 4 pages N04/330/H(2)M INTERNATIONAL BACCALAUREATE BACCALAURÉAT INTERNATIONAL BACHILLERATO INTERNACIONAL c
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– 2 – N04/330/H(2)M This markscheme is confidential and for the exclusive use of examiners in this examination session. It is the property of the International Baccalaureate and must not be reproduced or distributed to any other person without the authorization of IBCA.
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Each question is worth [10 marks] . Award up to the maximum marks indicated. 1. Use a diagram to explain why the under provision of merit goods is considered to be an example of market failure. Responses should include y definitions of both merit goods and market failure y reference to the existence of positive externalities (external benefits) and examples which illustrate external benefits y a correctly labelled diagram to illustrate positive externalities y an explanation of the diagram which refers to the socially efficient level of output and which shows that the free market level of output would predict under provision of the good/service and therefore be an example of market failure (socially inefficient allocation of resources).
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This note was uploaded on 02/12/2010 for the course ECON 201 taught by Professor Smith during the Spring '10 term at Whittier.

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EcoHL P2 N04 TZ0 M - INTERNATIONAL BACCALAURAT BACHILLERATO...

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