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2. Which one is not government intervention in a monopoly ran market?

  • Price control
  • Enter the market themselves
  • Reduce barriers to entry
  • Breaking up the monopoly

3. Excise Duties are?

  • Value added tax
  • A specific tax which doesn't change with price
  • Taxes on merit goods
  • Levied on the proportion of the good

4. A positive externality is when

  • Social benefits is more than private benefits
  • Private benefits is more than social benefits
  • A demerit good is subsidised by the government
  • Social cost is the same as private costs

5. What is the formula for income elasticity of demand?

  • % change in Quantity divided by % change in income
  • % change in income divided by % change in Quantity
  • Change in income divided by change in quantity
  • Change in quantity divided by change in income
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