Economic systems

Q3(a) Give the meaning of a free market, set against Singapore's highly developed economy.

Q5 Classify Venezuela and Sweden from a 2023 chart splitting state and private shares of spending.

Q1 Identify a drawback of relying on a free market, given Singapore's low taxes and light business regulation.

Q1 Identify which pairing of market forces and state involvement describes how a mixed economy shares out its resources.

Q3(a) Identify which claim about free market economies holds true (backed by Karl Marx / price mechanism allocates resources / no externalities exist / the state owns everything).

Q1(a) Explain one benefit of a free market economy, using the material on Cuba permitting small private businesses.

Q1(b) Identify the economist who backed command economies (Smith / Hayek / Keynes / Marx).

Q5(a) Using the furlough-scheme material supplied, explain what a mixed economy means.

Q5(c) Choose the likely benefit of a command economy (little unemployment / prices as signals / shortages from price controls / profit-driven efficiency).

Q13 Evaluate what a free market economy has going for it (context: Hong Kong judged closest to free-market status on taxation, spending and regulation by the Fraser Institute, 2020).

Q6(c) Using the material supplied plus wider knowledge, explain two features of private ownership under a free market system.

Q13 Assess what an economy might gain by shifting towards free market allocation, as Irish state spending slid to 25.1% of GDP from 35.9% over 2007-2019.

Q1 Identify which activity properly belongs to government within a mixed economy (ration by price mechanism / tax goods with external benefits / subsidise goods producing external costs / introduce tradeable pollution permits).

Q2 South Korea's state spends 30.3% of GDP, Denmark 52.1%; name the system where the state and prices jointly allocate resources (free market / command / mixed / irrational).

Q1(a) Give the meaning of a free market economy (2-mark definition).

Q1(c) Explain a single benefit that free market allocation offers relative to a command economy.

Q6(f) Evaluate what might be gained by leaving the provision of services like education to free markets.

Q1 Which of these belongs to government rather than the private sector in a mixed economy? (street lighting and other public goods / subsidies where external costs arise / taxes where external benefits arise / regulation whose administration costs run high)

Q2 Identify the free market economy's advantage: profit-motive-driven efficiency, under-provided public goods, over-provision beyond the social optimum, or state correction of market failure.

Q2 Pick the role a state is most likely to play in a mixed economy (subsidy for external benefits or for external costs; specific or ad valorem tax on public goods).

Q5(a) Set out the way a free market economy decides where scarce resources end up going.

Q5(b) Identify which statement about Hayek and Marx is true.

Q6(g) Evaluate the drawbacks of leaving health care provision to a free market.

Q1(c) Give a short definition of a command economy.

Q6(f) Evaluate what might be gained by leaving cigarette consumption to the free market.