Case study
The Codfathers – a fishy business
In the extracts: North Sea, Scottish, English, Codfathers, Greenpeace, Pacific, Atlantic and North Sea, Scotland, European
Q1(a)6 marks
(i) Define market failure. (ii) With reference to Figures 1 and 2 and appropriate economic theory, explain why regulation is likely to be necessary in the fishing industry to prevent market failure.
Mark splitKnowledge 2Application 2Analysis 2
TopicMarket failureGovernment intervention in markets
Q1(b)9 marks
With reference to the data (including Figures 3.1 and 3.2), discuss which market structure best describes the UK fishing industry.
Mark splitApplication 4Analysis 2Evaluation 3
TopicInternational trade and exchange ratesDemand, supply and elasticity
Q1(c)7 marks
Using diagrams and with reference to the data, explain why small-scale fishing operators have profits close to zero, but large scale operators are highly profitable.
Mark splitKnowledge 3Application 2Analysis 2
TopicInternational trade and exchange ratesDemand, supply and elasticity
Q1(d)9 marks
With reference to the data, discuss whether it would be beneficial to give more fishing quotas to small-scale fishing operators instead of large-scale fishing operators.
Mark splitApplication 3Analysis 3Evaluation 3
TopicInternational trade and exchange rates
Q1(e)9 marks
Using diagrams, discuss whether the policies that the UK is considering (lines 44 to 46) will be effective in preventing market failure in the plastics industry.
Mark splitKnowledge 2Application 2Analysis 2Evaluation 3
TopicMarket failure
Case study
Turkey in economic turmoil
In the extracts: Turkey, Turkish, President Erdogan, Central Bank of Turkey, President Trump, European Union, US and Russia, Timothy Ash
Q2(a)2 marks
Outline why Turkey's GDP ranking is higher when measured in terms of purchasing power parity.
Mark splitKnowledge 2
TopicMeasuring economic performance
Q2(b)9 marks
Using a labour market diagram and the data, assess the likely effects of the increases in the Turkish national minimum wage between 2014 and 2018.
Mark splitKnowledge 2Application 3Analysis 2Evaluation 2
TopicThe labour market
Q2(c)11 marks
Using the data, discuss the extent to which the Turkish economy might have benefitted from the change in the lira exchange rate over the period shown in Figure 2.
Mark splitApplication 4Analysis 3Evaluation 4
TopicInternational trade and exchange rates
Q2(d)9 marks
President Erdogan's view was that high interest rates cause inflation rather than reduce it. Using diagrams, discuss whether high interest rates are more likely to reduce inflation than to increase it.
Mark splitKnowledge 3Analysis 3Evaluation 3
TopicMacroeconomic objectives and policyMeasuring economic performance
Q2(e)9 marks
Using the data, evaluate the possible economic effects on the Turkish economy of Turkey becoming a full member of the European Union.
Mark splitApplication 4Analysis 2Evaluation 3
TopicMeasuring economic performanceEconomic growth and the economic cycleGrowth and development
