Economics 504 (2024)

FAQs

Is a merit good? ›

A merit good can be defined as a good which would be under-consumed (and under-produced) by a free market economy, due to two main reasons: When consumed, a merit good creates positive externalities (an externality being a third party/spill-over effect of the consumption or production of the good/service).

The government plays a significant role in providing goods such as national defence, infrastructure, education, security, and fire and environmental protection almost everywhere. These goods are often referred to as “public goods”.

Market failures can be corrected through government intervention, such as new laws or taxes, tariffs, subsidies, and trade restrictions.

One of the best examples of a public good is national defense. To the extent one person in a geographic area is defended from foreign attack or invasion, other people in that same area are likely defended also.

the pass level is 50% or above. Marks between 40% and 49.9% may be compensatable. the merit level is 60% or above. The boundary zone for the merit level is between 58% and 59.9%.

If these grades are translated into the old system, we get the rough answer that a merit would be equivalent to a grade B.

To understand the defining characteristics of a public good, first consider an ordinary private good, like a piece of pizza. A piece of pizza can be bought and sold fairly easily because it is a separate and identifiable item. However, public goods are not separate and identifiable in this way.

A hamburger is a private good provided by some restaurant or a fast-food chain. Such products are usually produced by individual private firms and then sold in a market to consumers who pay a certain price in order to obtain them. On the other hand, the national defense provided by the government is a public good.

The types of public goods include security, education, knowledge, infrastructure, environment and health.

Answer and Explanation: The leading causes of market failure are externalities and market power. A positive externality affects the third party positively, For example, the provision of public education helps the learners, but the whole society will also benefit from that public good.

What are the 5 causes of market failure? ›

There are five major elements that, if lacking or weak, can cause a market failure. The five major elements include: competition, information, mobility of resources, externalities, and distribution of public goods.

National defense is nonrival because one person's use of it does hinder anyone else's consumption. For example, as the population grows, more people benefit from national security, but the level of protection for those already benefiting remains the same.

The statistic represents the U.S. defense outlays from 2000 to 2021 with an additional forecast from 2022 to 2032, as a percentage of the gross domestic product. Defense outlays amounted to 742 billion U.S. dollars in 2021, which was about 3.3 percent of the U.S. GDP.

Investment in the defense of the United States is crucial to not only keeping Americans safe, but also in the foundation and preparation of American security and strength to meet future challenges.

Distinctions are a mark of 80% and above. These marks are good and help you gain access to university for any course you want.

A+, A, A- indicates excellent performance. B+, B, B- indicates good performance. C+, C, C- indicates satisfactory performance. D+, D, D- indicates less than satisfactory performance.

Student should have passed Class X Examination from the CBSE and secured 60% or more. Pursuing Class XI & XII from CBSE affiliated Schools.

Scoring 75 to less than 90 will get you a Higher Merit in the Junior Cert. In 2019, amongst 64,300 Junior Cert examinees, 13.4% got higher merit at a higher level, and 7.1% got higher merit at an ordinary level in Maths.

Is grade 3 a pass? For a 'standard pass', equivalent to the old C grade, students will need to achieve a 4 grade, while a 5 will constitute a 'strong pass'.

A pass in an AS subject is indicated by one of five grades A(a), B(b), C(c), D(d), E(e), of which grade A(a) is the highest and grade E (e) is the lowest.

Is water a public good? ›

In general, water is both a private good and a public good. When water is being used in the home, in a factory or on a farm, it is a private good. When water is left in situ, whether for navigation, for people to enjoy for recreation, or as aquatic habitat, it is a public good.

A loaf of bread would not be classified as a public good. If an individual is unwilling to pay the bakery for a loaf of bread, the bakery can prevent the individual from consuming it. Further, if a few slices of a loaf of bread are consumed, the quantity of bread that is available for others to consume is decreased.

Public goods also refer to more basic goods, such as access to clean air and drinking water.

Examples of private goods include apples, shoes, glasses, pens, and ice-cream cones. Public goods and services are characterized by shared consumption and non-exclusion.

However, on the other hand, housing is not a “public good” in economists' definition of the term (“non-excludable” and “non-rivalrous”). Even fully public housing—unlike a lighthouse, road, or commons—is always defined by someone else not using it.

When private goods are purchased by one individual, it precludes any other individual from consuming it. For instance: a chocolate bar. Public goods are produced by the government for welfare of the people.

There are four different types of goods in economics, which can be classified based on excludability and rivalrousness: private goods, public goods, common resources, and club goods.

The notion of higher education as a public good suggests that an educated population benefits humanity at large. More educated individuals create a better society for all. College graduates strengthen our democracy and bolster our economy.

Types of market failures include negative externalities, monopolies, inefficiencies in production and allocation, incomplete information, inequality, and public goods.

What is the most common market failure? ›

The most common examples and types include missing markets, monopolies, externalities, etc. Solutions to market failure in economics include using legislation to prevent people from making decisions that will harm the collective and teaching people about the market.

The main types of market failure include asymmetric information, concentrated market power, public goods and externalities.

A monopoly can be classified as a market failure because the market is meant to be maximising welfare for society. The monopoly prices higher than a competitive market and restricts output, which is not maximising welfare for consumers.

The four Ps are a “marketing mix” comprised of four key elements—product, price, place, and promotion—used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.

We define poverty as a situation of low income or material deprivation. Experience suggests that not all poverty is due to market failure. Poor people may be poor because their output is not worth much.

What can a company do if its market share has been eroded to competitors? There are three key strategies that companies often use to regain market share once it has been lost: pricing changes, promotional changes, and product changes. All three strategies have unique benefits and all are risky for different reasons.

Andorra has no standing army but has signed treaties with Spain and France for its protection. It has a small volunteer army which is purely ceremonial in function. The paramilitary GIPA special forces unit (trained in counter-terrorism and hostage rescue) is part of the national police.

The other countries that have neither an army nor a military force are Dominica (not to be confused with the Dominican Republic),Grenada, Kiribati, Marshall Islands, Federated States of Micronesia, Nauru, Palau, Solomon Islands, St. Vincent and the Grenadines, Samoa, St. Lucia and Tuvalu.

What percent of US taxes go to military? ›

Approximately 20 percent of the federal budget is spent on defense and security. Most of that 20 percent is for the Department of Defense, which covers the cost of military operations, troop training, equipment, and weapons research.

Although the United States spends more on defense than any other country, the Congressional Budget Office projects that defense spending as a share of gross domestic product (GDP) will decline over the next 10 years — from 3.1 percent of GDP in 2022 to 2.7 percent in 2032.

The term “national defense” means programs for military and energy production or construction, military or critical infrastructure assistance to any foreign nation, homeland security, stockpiling, space, and any directly related activity.

The Army, Marine Corps, Navy, Air Force, Space Force and Coast Guard are the armed forces of the United States. The Army National Guard and the Air National Guard are reserve components of their services and operate in part under state authority.

If you have a “merit” on your diploma, it indicates that you graduated with 2i, as known as second class honours upper division classification. This is a really good score, as most of the employers require you to have that kind of grade and above.

Healthcare is classified as a merit good because consuming it provides benefits to others as well as to the individual consumer.

Back on topic, a merit is considered to be a 'very good' result, not as good as a distinction which is considered 'excellent', but better than a pass, which is considered 'good'.

Distinction. 70%-100% (plus 50% of the credit at 70 or above) Merit. 60%-69% (plus 50% of the credit at 60 or above)

Is Grade 3 a fail in GCSE? ›

What is a Fail in GCSE? Anything below a 4 is a fail under the UK grading system, with U standing for 'ungraded', which was the same in the previous system.

A Masters is challenging, but you're still unlikely to fail. For one thing, universities won't admit students who aren't ready and prepared for the course.

The NHS is one of the few totally publicly-funded healthcare services in the world and since 1948 has treated and saved the lives of millions and millions of people.

This was the creation of a service that became a public 'good', in every sense of the term. It takes money from every working member of society and uses it to provide for those who get sick and those who could otherwise not afford medical care, in order to maximise social welfare for all.

The NHS leads the world in terms of equity of access and ensuring people don't suffer financial hardship when they are ill. It also performs well in managing long term conditions like diabetes and kidney disease and is relatively efficient compared to other health systems.

Like the US grading system, the UK also uses letter grades, but not in the same way. Rather than each letter representing 10%, an “A” is anything above 70% in the UK. Every letter that comes after means a decrease of 10%. Another change is there are no GPAs in the UK like 4.0s.

First-Class Honours (70% and above): a first class degree, usually referred to as a 'first' or 1st, is the highest honours degree you can achieve. Upper Second-Class Honours (60-70%): there are two levels of second class degree. An upper second class, known as a 2:1 or two-one, is the higher of the two levels.

A 2:1 also puts you in a good position for employment, graduate programmes and post graduate study. For some institutions and for some employers, this is the minimum grade acceptable. Like a first class honours, the number of students achieving a 2:1 has increased significantly in the past few years.

Ordinary degree (pass): A degree without an honors classification Typically, a Master's programme will need you have at the very least a Second-class honours, lower division (2.2), sometimes called a lower second class honours.

Merit: A final grade of 60-69%